{"id":17883,"date":"2021-08-25T18:00:35","date_gmt":"2021-08-25T23:00:35","guid":{"rendered":"http:\/\/www.paristn.net\/articles\/?p=17883"},"modified":"2021-08-25T15:51:19","modified_gmt":"2021-08-25T20:51:19","slug":"aaa-reports-that-crude-oil-price-drops-5-00-bbl-to-lowest-price-since-may","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2021\/08\/25\/aaa-reports-that-crude-oil-price-drops-5-00-bbl-to-lowest-price-since-may\/","title":{"rendered":"AAA reports that Crude Oil Price Drops $5.00\/bbl to Lowest Price since May"},"content":{"rendered":"

\"AAA\"Washington, D.C.<\/strong> – Crude oil prices saw a significant decline of $5.00\/bbl on the week, down to $62.32\/bbl at Friday\u2019s close. Prices are declining as market concerns grow that crude demand will decline as coronavirus infections increase across the globe. The downward crude price trend could spell good news for motorists.<\/p>\n

\u201cCrude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,\u201d said Jeanette McGee, AAA spokesperson.<\/p>\n

\"Gas<\/a>

Gas Demand and National Gas Price Average Decline on the Week. (AAA)<\/p><\/div>\n

<\/p>\n

\u201cIf this downward trend continues and less expensive prices are sustained, Americans can expect to see relief at the pump in the near future,\u201d McGee stated.<\/p>\n

While today\u2019s national gas price average ($3.16) is just two cents cheaper than last Monday, by the end of this week it could be even less.<\/p>\n

All eyes are on gasoline demand, which has declined for three straight weeks. The Energy Information Administration\u2019s (EIA) latest reading puts demand at 9.3 million b\/d. That is a healthy pandemic demand reading, but still about 6% below the same week in August 2019. The softer demand readings have pushed gasoline stock levels over 228 million bbl.<\/p>\n

\u201cCheaper crude, softening demand and growing stock levels equal the right combination for cheaper prices at the pump, which many Americans would likely welcome after such an expensive summer,\u201d added McGee.<\/p>\n

At $3.16, today\u2019s national average is 98 cents more than a year ago and 56 cents more than two years ago.<\/p>\n

\"2018-2021<\/a><\/p>\n

Quick Stats<\/h3>\n

The nation\u2019s top 10 largest weekly decreases<\/strong>: Ohio (\u22129 cents), Washington, D.C. (\u22128 cents), Kentucky (\u22128 cents), Indiana (\u22127 cents), Michigan (\u22126 cents), Illinois (\u22125 cents), Kansas (\u22124 cents), Florida (\u22124 cents), Wisconsin (\u22124 cents) and Texas (\u22123 cents).<\/p>\n

The nation\u2019s top 10 least expensive markets<\/strong>: Mississippi ($2.78), Texas ($2.81), Louisiana ($2.82), Alabama ($2.82), Tennessee ($2.84), Missouri ($2.84), Arkansas ($2.85), Kentucky ($2.85), Oklahoma ($2.86) and South Carolina ($2.86).<\/p>\n

 <\/p>\n

[470center]<\/p>\n

 Oil Market Dynamics<\/h3>\n

At the close of Friday\u2019s formal trading session, WTI decreased by $1.37 to settle at $62.32. Price decreases occurred despite EIA\u2019s latest report showing that total domestic crude stocks decreased by 3.3 million bbl to 435.5 million bbl last week. For this week, crude prices could decrease further if demand concerns persist due to surging coronavirus infection rates across the globe.<\/p>\n

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<\/a>.<\/p>\n

About AAA – The Auto Club Group<\/h3>\n

The Auto Club Group (ACG) is the second-largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec, and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking, and financial services, travel offerings, and more.<\/p>\n

ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA\u2019s mission is to protect and advance freedom of mobility and improve traffic safety.<\/p>\n

For more information, get the AAA Mobile app<\/a>, visit AAA.com<\/a>, and follow us on Facebook, Twitter, and LinkedIn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Washington, D.C. – Crude oil prices saw a significant decline of $5.00\/bbl on the week, down to $62.32\/bbl at Friday\u2019s close. Prices are declining as market concerns grow that crude demand will decline as coronavirus infections increase across the globe. The downward crude price trend could spell good news for motorists. \u201cCrude oil prices saw […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[17],"tags":[1361,2795,2796,7701,9969,9800,2845,6620,1638,1639,4050,1641,2799,2800,2801,1644,1646,9284,2848,2803,261,1840,5588,3338,1650,9460],"class_list":["post-17883","post","type-post","status-publish","format-standard","hentry","category-community","tag-aaa","tag-alabama","tag-arkansas","tag-crude-oil","tag-eia","tag-energy-information-administration","tag-florida","tag-gas-prices","tag-illinois","tag-indiana","tag-kansas","tag-kentucky","tag-louisiana","tag-michigan","tag-mississippi","tag-missouri","tag-ohio","tag-oil-prices","tag-oklahoma","tag-south-carolina","tag-tennessee","tag-texas","tag-washington","tag-washington-d-c","tag-wisconsin","tag-wti"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/17883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/comments?post=17883"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/17883\/revisions"}],"predecessor-version":[{"id":17884,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/17883\/revisions\/17884"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=17883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=17883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=17883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}