{"id":18185,"date":"2021-11-28T20:00:10","date_gmt":"2021-11-29T02:00:10","guid":{"rendered":"https:\/\/www.paristn.net\/articles\/?p=18185"},"modified":"2021-11-28T14:08:29","modified_gmt":"2021-11-28T20:08:29","slug":"crude-oil-prices-tumble","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2021\/11\/28\/crude-oil-prices-tumble\/","title":{"rendered":"Crude Oil prices tumble"},"content":{"rendered":"

\"AAA\"Washington, D.C.<\/strong> – After stubbornly staying above $80.00 a barrel since Labor Day, the price of crude oil tumbled this week into the mid-$70.00s.<\/p>\n

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.<\/p>\n

\"Will<\/a>

Will Falling Oil Prices Bring Relief at the Pump? (AAA)<\/p><\/div>\n

<\/p>\n

\u201cThe price of crude oil accounts for about 50%\u201360% of what consumers pay at the pump, so a lower oil price should translate into better gasoline prices for drivers,\u201d said Andrew Gross, AAA spokesperson. \u201cBut until global oil production ramps back up to pre-pandemic levels, this recent dip in the price of crude may only be temporary.\u201d<\/p>\n

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 212 million bbl last week. Gasoline demand also dropped slightly from 9.26 million b\/d to 9.24 million b\/d. The decrease in demand, alongside stocks, has helped to steady pump prices. However, gasoline prices will likely remain elevated as long as oil prices are near or above $75 per barrel.<\/p>\n

Today\u2019s national average of $3.40 is 3 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.<\/p>\n

Quick Stats <\/h3>\n

The nation\u2019s top 10 largest weekly changes<\/strong>: Florida (+9 cents), Arizona (+7 cents), Washington, D.C. (\u22125 cents), Michigan (\u22125 cents), Texas (\u22125 cents), Indiana (\u22125 cents), Ohio (\u22124 cents), Kansas (\u22124 cents), Oklahoma (\u22123 cents) and Kentucky (\u22123 cents).<\/p>\n

The nation\u2019s top 10 most expensive markets<\/strong>: California ($4.70), Hawaii ($4.34), Nevada ($3.98), Washington ($3.88), Oregon ($3.78), Arizona ($3.73), Alaska ($3.72), Utah ($3.69), Idaho ($3.68) and Pennsylvania ($3.59).<\/p>\n

Oil Market Dynamics <\/h3>\n

At the close of Friday\u2019s formal trading session, WTI decreased by $2.91 to settle at $76.10. Crude prices declined at the end of last week as the dollar grew in strength and market concerns about crude demand increased over growing COVID infection rates in Europe and the U.S. If social restrictions are re-imposed to curb COVID transmission, crude demand will likely decline and prices will likely follow.<\/p>\n

Additionally, crude prices decreased last week despite EIA\u2019s weekly report showing that total domestic crude supply decreased by 2.1 million bbl to 433 million bbl. When compared to the end of November 2020, current total domestic crude supply is nearly 12 percent lower than last year.<\/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

[470center]<\/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. – 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 […]<\/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":[1361,9166,1834,5451,566,12675,12712,7701,9969,9800,107,2845,6620,10205,10655,1639,3380,4050,1641,2800,1838,1646,9284,2848,1839,1647,7093,1840,2038,7063,5588,3338,9460],"class_list":["post-18185","post","type-post","status-publish","format-standard","hentry","category-community","tag-aaa","tag-alaska","tag-arizona","tag-california","tag-china","tag-coronavirus","tag-covid-19","tag-crude-oil","tag-eia","tag-energy-information-administration","tag-featured","tag-florida","tag-gas-prices","tag-hawaii","tag-idaho","tag-indiana","tag-japan","tag-kansas","tag-kentucky","tag-michigan","tag-nevada","tag-ohio","tag-oil-prices","tag-oklahoma","tag-oregon","tag-pennsylvania","tag-south-korea","tag-texas","tag-united-states","tag-utah","tag-washington","tag-washington-d-c","tag-wti"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18185","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=18185"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18185\/revisions"}],"predecessor-version":[{"id":18187,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18185\/revisions\/18187"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=18185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=18185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=18185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}