Slowly Gas Prices are Decreasing

December 9, 2019 - At $2.57, the national gas price average is a penny cheaper on the week. The majority of states saw minimal movement at the pump in the last week, several saw decreases of up to four cents while fewer than a dozen states saw gas prices increase.

“Since the end of October, gasoline demand has mostly decreased as gasoline stocks have mostly increased, paving the way for cheaper gas prices,” said Marilyn Buskohl, AAA spokesperson. “AAA expects stocks to continue to grow and drive gas prices even cheaper through year-end.”

South Dakota Gas Prices

Today’s national average is a nickel cheaper than last month, but 15-cents more expensive than this time last year. 

Quick Stats

• The nation’s top 10 least expensive markets are: Texas ($2.20), Mississippi ($2.22), Oklahoma ($2.23), Missouri ($2.23), Louisiana ($2.25), Alabama ($2.27), South Carolina ($2.27), Arkansas ($2.27), Kansas ($2.28) and Virginia ($2.30).  
• The nation’s top 10 largest weekly changes are: Ohio (-12 cents), California (-10 cents), Michigan (+10 cents), Florida (+8 cents), Nevada (-7 cents), Indiana (+7 cents), Oregon (-6 cents), Utah (-5 cents), Idaho (-4 cents) and Washington (-4 cents).

Great Lakes and Central States

Three Great Lakes and Central States land on the top 10 list for the country’s largest changes on the week: Ohio (-12 cents), Michigan (+10 cents), and Indiana (+7 cents).  These states saw the largest volatility in the region whereas most states saw fluctuation of no more than three cents. In addition to Michigan and Indiana, three other states in the region saw gas prices increase: Illinois (+2 cents), South Dakota (+1 cent) and Wisconsin (+1 cent).

Energy Information Administration (EIA) data shows that both regional refinery rates and gasoline stocks built on the week. Regional refineries rates bumped up 3% to 94% while stocks increased by 800,000 bbl. While many states saw gas prices increase, this combination helped to keep those changes minimal for motorists in the region. 

Oil Market Dynamics 

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 77 cents to settle at $59.20. Crude prices rose after reports emerged that OPEC and its partners announced an agreement to cut crude production by an additional 500,000 b/d to help maintain prices amid market fears of slowing global demand. One other contributing factor, if concerns around global crude demand due to the trade war between China and the U.S. ease this week, crude prices could increase again.

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.