{"id":18299,"date":"2022-10-20T11:00:51","date_gmt":"2022-10-20T16:00:51","guid":{"rendered":"https:\/\/www.paristn.net\/articles\/?p=18299"},"modified":"2022-10-20T09:37:50","modified_gmt":"2022-10-20T14:37:50","slug":"gas-demand-declines-as-recession-fears-weigh-down-oil-market-expectations","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2022\/10\/20\/gas-demand-declines-as-recession-fears-weigh-down-oil-market-expectations\/","title":{"rendered":"Gas Demand Declines as Recession Fears Weigh Down Oil Market Expectations"},"content":{"rendered":"

\"AAA\"Washington, D.C.<\/strong> – Fears of a global economic recession led to a major drop in the price of crude, down $7.00, which helped to minimize pump price increases last week.<\/p>\n

Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million b\/d to 8.28 million b\/d, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl.<\/p>\n

\"Gas<\/a><\/p>\n

Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop coupled with a slide in oil prices, drivers could see increases in prices at the pump start to slow and even come down through the week.
\n 
\nThe national average pump price for a gallon of gas decreased three cents over the past week to hit $3.88. Today\u2019s national average of $3.88 is 20 cents higher than a month ago and 56 cents more than a year ago.<\/p>\n

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

Quick Stats<\/h3>\n

The nation\u2019s top 10 largest weekly decreases<\/strong>: California (\u221228 cents), Wisconsin (\u221223 cents), Oregon (\u221219 cents), Nevada (\u221218 cents), Michigan (\u221216 cents), Washington (\u221214 cents), Alaska (\u221212 cents), Indiana (\u221212 cents), Ohio (\u221212 cents) and Arizona (\u221210 cents).<\/p>\n

The nation\u2019s top 10 least expensive markets<\/strong>: Georgia ($3.25), Texas ($3.30), Mississippi ($3.33), South Carolina ($3.37), Arkansas ($3.38), Tennessee ($3.38), Louisiana ($3.40), Florida ($3.40), Alabama ($3.43) and Missouri ($3.46).<\/p>\n

Oil Market Dynamics<\/h3>\n

At the close of Friday\u2019s formal trading session, WTI decreased by $3.50 to settle at $85.61. Crude prices decreased last week as global economic fears pulled crude prices lower.<\/p>\n

For this week, crude prices could continue to weaken as interest rates rise globally, which could lead to a recession. If a recession occurs, crude prices would likely reduce alongside demand.<\/p>\n

[470center]<\/p>\n

Additionally, EIA\u2019s latest weekly report showed that total commercial crude inventories increased by 9.9 million bbl to 439.1 million bbl.<\/p>\n

Drivers can find current gas prices along their route using the AAA TripTik Travel planner<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Washington, D.C. – Fears of a global economic recession led to a major drop in the price of crude, down $7.00, which helped to minimize pump price increases last week. Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand […]<\/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":[1361,7701,107,6620,9284,5122,3338],"class_list":["post-18299","post","type-post","status-publish","format-standard","hentry","category-community","tag-aaa","tag-crude-oil","tag-featured","tag-gas-prices","tag-oil-prices","tag-recession","tag-washington-d-c"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18299","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=18299"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18299\/revisions"}],"predecessor-version":[{"id":18302,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18299\/revisions\/18302"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=18299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=18299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=18299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}