Domestic Gasoline Stocks Soar, Push Down Gas Prices
The national gas price average, $2.64, represents a seven-cent drop on the week as domestic gasoline stocks built by a surprising 4.4 million bbl, according to the Energy Information Administration’s (EIA) latest data. Contributing to the build was at least 1.2 million b/d of imports at U.S. ports. With the large bump, stocks now sit 235 million bbl – a U.S. stock level not seen in nearly five months (end of March).
“On the week, nearly half of all states saw gas price averages decrease by at least a nickel,” said Jeanette Casselano, AAA spokesperson. “While gasoline demand increased week-over-week, it wasn’t enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country.”
Today’s national gas price average is 13-cents less than a month ago and 21-cents cheaper than a year ago.
Quick Stats
The nation’s top 10 largest weekly decreases are: Ohio (-19 cents), Indiana (-17 cents), Illinois (-12 cents), Michigan (-12 cents), Kentucky (-10 cents), Florida (-7 cents), Oklahoma (-7 cents), Louisiana (-6 cents), Missouri (-6 cents) and Georgia (-6 cents).
The nation’s top 10 least expensive markets are: Louisiana ($2.27), Mississippi ($2.28), South Carolina ($2.31), Alabama ($2.31), Arkansas ($2.32), Oklahoma ($2.34), Tennessee ($2.37), Texas ($2.38), Missouri ($2.39) and Kansas ($2.41).
Great Lakes and Central States
Motorists in five Great Lakes and Central states saw significant – double-digit – declines at the pump this week: Ohio (-19 cents), Indiana (-17 cents), Illinois (-12 cents), Michigan (-12 cents) and Kentucky (-10 cents). These states not only lead the top 10 list for weekly declines in the country, but also lead the largest monthly decline with savings as much as a quarter since this time in July: Illinois (-33 cents), Michigan (-32 cents), Ohio (-29 cents), Indiana (-30 cents) and Kentucky (-24 cents).
While all states in the region saw declines at the pump, they were not all significant. South Dakota saw the smallest decrease of just a penny. Gas prices in the region range from $2.79 in Illinois to $2.39 in Missouri.
Gas prices declined as gasoline stocks in the region jumped by 1.1 million bbl to bring total levels to 50 million bbl. The increase in stocks was supported by a 5% increase in regional refinery utilization, which was reported at 100% by the EIA. The Great Lakes and Central states are well-known for weekly volatility. While this week is starting with significant savings for much of the region, there is the potential for this coming week to bring increases.