U.S. Gasoline Demand Jumps as Supply Declines on the Week

July 30, 2018 - As U.S. gasoline demand strengthened and supply declined, the national gas price average jumped two-cents on the week to land at $2.86. According to the latest Energy Information Administration (EIA) report, total crude inventories fell on the week and now register at 405 million bbl, which is 80 million bbl lower than levels at the same time last year.

“As crude and gasoline inventories tighten, motorists can expect gas prices to trend higher and remain volatile,” said Marilyn Buskohl, AAA spokesperson. “On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.”

While today’s gas price average is one-cent less than last month, it is 55-cents more than a year ago and crude oil prices are up $20/bbl compared to this time last year.

South Dakota Average Gas Prices:

Quick Stats

• The nation’s top 10 most expensive markets are: Hawaii ($3.78), California ($3.62), Washington ($3.40), Alaska ($3.37), Oregon ($3.29), Nevada ($3.20), Idaho ($3.11), Utah ($3.09), Connecticut ($3.07) and Washington, D.C. ($3.05).

   

The nation’s top 10 largest weekly changes are: Michigan (+11 cents), Indiana (+9 cents), Ohio (+8 cents), Kentucky (+6 cents), Illinois (+4 cents), Kansas (+4 cents), Delaware (-4 cents), New Mexico (-3 cents), West Virginia (+3 cents) and South Carolina (+3 cents)

Central and Great Plain Region

The seven Great Lakes and Central states that saw large declines last week are seeing higher pump prices this week. In fact, Michigan’s decreases from last week were reversed with motorists seeing an 11-cent jump, bringing the state’s average to the $3 mark for the first time since July 15.

While no states in the region saw prices decrease on the week, North Dakota ($2.85) was the one to see the state gas price average hold steady.

Gasoline inventories in the region declined for a third week. With the drop, total inventories are at the lowest mark of the year at 51.6 million bbl, a 1.2-million bbl year-over-year deficit. If inventories continue to tighten, motorists in the region can expect gas prices to climb.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 92 cents to settle at $68.69. Oil prices trended higher with the release of EIA's weekly report that total crude inventories fell by 6.2 million bbl and face a year-over-year deficit of 80 million bbl.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

###