Gas Prices continue Slow Decline
December 13, 2021
Washington, D.C. – AAA reports pump prices continue their slow seasonal descent, despite a slight rebound in oil prices due to waning fears of a global slowdown caused by the COVID-19 omicron variant.
The national average for a gallon of gas fell two cents on the week to $3.33.
Omicron COVID-19 news causes Oil Prices to plummet
November 29, 2021
Washington, D.C. – Crude oil prices initially tumbled more than $10.00 to $68 a barrel on Friday after news of the Omicron COVID-19 Coronavirus variant broke.
Meanwhile, consumers caught a little break as the national average price for a gallon of gas dropped to $3.39, down a penny since last week.
Will Gas Prices Follow Drop in Oil Prices? (AAA)
Crude Oil prices tumble
November 28, 2021
Washington, D.C. – After stubbornly staying above $80.00 a barrel since Labor Day, the price of crude oil tumbled this week into the mid-$70.00s.
Fears of slowing economic activity in the U.S. and Europe due to a resurgence of COVID-19 Coronavirus, along with reports that the Joe Biden Administration is calling for a simultaneous release of stockpiled oil by large oil-consuming nations, including the U.S., China, Japan, and South Korea, is putting downward pressure on crude prices. The national average price for a gallon of gas is $3.40, down a penny since last week.
Will Falling Oil Prices Bring Relief at the Pump? (AAA)
National Gas Price Average surges Higher
October 26, 2021
Washington, D.C. – The recent surge in the price of gas may seem spooky this Halloween, but it’s not frightening people away from driving as demand continues to rise. The national average price for a gallon of gasoline rose six cents over the past week to hit $3.38.
The pump price has gone up every day in the past 27 days, adding approximately 20 cents to the cost of a gallon of gas.
Ghastly Gas Prices Haunt Consumers at the Pump. (AAA)
Rising Crude Oil Prices means Higher Prices at the Gas Pump
October 11, 2021
Washington, D.C. – The national average price for a gallon of gas rose 8 cents on the week to reach $3.27. This is the highest price since October 2014 and is primarily due to the surging price of crude oil, which crept above $80.00 bbl before edging slightly lower.
“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump,” said AAA Spokesperson Andrew Gross.
Surging price of Crude Oil results in highest National Average Gas Prices in Seven Years. (AAA)
AAA reports Gas Prices have risen 15 cents since May
August 4, 2021
Washington, D.C. – Americans are paying a pretty penny to hit the road this summer. The monthly national gas price average has increased from $3.00 in May to $3.07 in June to $3.15 in July. The beginning of August will likely be as expensive as July, especially as crude oil prices remain over $70.00 per barrel.
An increase in global crude production is expected this month. However, even with the additional supply, global demand could outpace global supply and keep prices high.
Winter Storm shuts down refineries causing gas prices to spike. (AAA)
United States Gas Demand Soars
July 15, 2021
Washington, D.C. – At 10 million b/d, gasoline demand reached a new Energy Information Administration (EIA) record last week, and that number only partially reflects Independence Day holiday weekend travel.
The nearly 1 million b/d jump in demand drove down gasoline supplies by 6.1 million bbl to 235,000 million bbl and consequently pushed the national average pump price up to $3.14.
Gas Demand Soars to Record High in the United States. (AAA)
AAA reports Tennessee Gas Prices remain Steady
July 13, 2021
Nashville, TN – The Tennessee gas price average held steady over last week with today’s average the same as one week ago. The Tennessee Gas Price average is now $2.88 which is the same as one month ago and 94 cents more than one year ago.
“Peak summer driving season is in full-swing as Americans hit the road to explore and gas prices are not backing down,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Motorists are paying, on average, nearly a dollar more a gallon than last summer to fill up and close to 40 cents more than in 2019.”
Tennessee remains the 10th least expensive market in the nation. (AAA)
AAA reports Gas Stocks Increase for Four Straight Weeks Helping to Minimize Pump Price Fluctuation
June 23, 2021
Washington, D.C. – Increasing gasoline stock levels have helped to keep gas prices mostly stable across the country. On the week, 40 state gas price averages held steady or saw fluctuation of only one to two cents. This helped the national average decrease by a penny since last Monday, down to $3.07 today.
According to Energy Information Administration (EIA) data, total gasoline stocks sit at 242.9 million bbl, which is a 9 million bbl surplus compared to the same week in June 2019.
On the week, Gas Price Averages have remained steady. (AAA)
AAA reports Motorists see Minimal Movement at the Pump over Holiday Weekend
June 5, 2021
Washington, D.C. – AAA says that at $3.04, the national gas price average only increased one penny leading up to Memorial Day weekend. The majority of states saw no change to pump prices or a decline on the week.
However, prices may not stay stagnant for long. For the week ending May 21st, demand jumped to 9.4 million b/d—the highest reported number since early March 2020 and up nearly 30% over the same week last year, indicating motorists are filling up more frequently.
With rising demand, crude oil price increases and decreasing supply levels, Gas prices are likely to fluctuate through all of June. (AAA)
