AAA: Crude prices, gasoline stocks, demand push gas prices up
On the week, the national gas price average is two cents more expensive, landing at $2.28. At the start of the workweek, nearly half of all state averages also saw jumps – some at or more than a dime increase.
Frigid temperatures across much of the country have contributed toward a half a million barrel per day drop in demand to measure at 9 million bbl – a level consistent with a year ago according to Energy Information Administration (EIA). At the same time, gasoline stocks saw a nominal 513,000 bbl increase for a total of 257.8 bbl. While demand is mostly flat year-over-year, total stocks sit at a 124 million bbl surplus.
“Since the beginning of the year, crude oil remains relatively cheap, moving between $51- $55/bbl,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “This, coupled with fluctuating gasoline stocks due to planned and unplanned maintenance at refineries as well as instability in demand, likely due to frigid temperatures, are all contributing toward movement at retail pumps across the country.”
Today’s national gas price average is four cents more expensive than a month ago and 30 cents less expensive than a year ago. In Virginia, motorists saw no change in pump prices since a week ago, a slight uptick of three cents per gallon compared to last month and are paying 36 cents less than a year ago.
AAA has a variety of resources to help motorists save on fuel:
- AAA Shell Gas Discount: (http://www.AAA.com/
Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
- Fuel Price Finder (http://www.AAA.com/
fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (http://gasprices.
aaa.com/aaa-gas-cost- calculator/) helps budget travel expenses.
- TripTik Mobile (http://www.aaa.com/
mobile) plots fuel prices along your travel route.
- AAA’s Member Rewards Visa® Credit Card (http://www.AAA.com/
financial/AAAvisa.htm) accumulates double points on fuel purchases.