CINCINNATI, Oh. (July 20, 2020)—Motorists in Great Lakes and Central States region are seeing gas price fluctuation on the week. With a six cent decrease, Indiana ($2.16), Michigan ($2.19) and Ohio ($2.12) top the list for this week’s largest changes in the country. Also landing on the list of biggest changes: Kentucky (-4 cents), South Dakota (+3 cents) and Wisconsin (-3 cents). With a one cent increase, Nebraska ($2.11) was the only other state to see a jump on the week.

Stocks built for the first time since mid-June, which is likely a contributing factor towards the cheaper gas prices for the majority of the region. With a 700,000 bbl add, total levels sit at 51.2 million bbl, which is about average for this time of year.

The national gas price average held steady on the week at $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.

“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Jenifer Moore, AAA spokesperson. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”

At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.

GAS PRICES FROM AAA

Average price per gallon of self-serve, regular gasoline.

Gas prices provided by AAA, https://gasprices.aaa.com/

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow worldwide.

Save More at the Pump with AAA and Shell

From now until August 31, AAA members can fill up for even less at Shell stations through the Fuel Rewards® at Shell Bonus Offer. In addition to the five cents per gallon offered through Fuel Rewards, members will receive an additional 10 cents per gallon on their first three fill-ups after registering for the first time as a Fuel Rewards member (15 cents total). This bonus offer is not available to existing Fuel Rewards members. In addition, members using their AAA Member Rewards card at Shell stations through August 31 will earn 5X points at the pump.

AAA provides automotive, travel, and insurance services to 60 million members nationwide and nearly two and a half million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stck, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.

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