Gas Price Dropping - For the week, the national average gas price averaged seven cents to land at $2.56. As gas prices have continued to decline, they have reached some of the cheapest gas prices of 2018. The national average was the lowest in January at $2.49, while the most expensive was $2.97 in May.
"Trends show that December will bring the lowest gas prices of the year," AAA spokeswoman Jeanette Castellano said. "Currently, 19 states already have lower average gasoline prices than a year ago, so as U.S. gasoline demand remains strong and supplies are plentiful, motorists expect to save at the pump. Can until crude oil prices rise."
Gas Price Dropping
Gas prices in the US were cheap as crude oil traded at $57/bbl and cheaper - the lowest prices of the year. However, crude market watchers are warning that they could see a rise after the meeting of the Petroleum Exporting Countries (OPEC) on December 6 in Vienna, Austria. At that meeting, OPEC is expected to cut crude oil production by 1 million to 1.4 million barrels per day, which could push crude prices higher due to reduced global supplies, and in turn higher gas prices in the US. can
Country Seeing Gas Price Drop
Average gas prices are lower than a year ago in most Great Lakes and Central states: Iowa (-20 cents), Indiana (-16 cents), Ohio (-15 cents), Michigan (-14 cents), Nebraska (-14 cent), Illinois (-11 cents), Missouri (-11 cents), Kentucky (-9 cents), Kansas (-7 cents), Wisconsin (-6 cents) and Minnesota (-2 cents). There are only 19 states in the country with the least expensive prices of the year and 11 of them are in this country.
For one week, gas prices in Ohio are 14 cents cheaper. Today, state gas prices range from $2.58 in North Dakota to $2.18 in Missouri.
Earlier in the week, gasoline inventories for the country were depleted by nearly half a million, according to the latest data from the Energy Information Administration (EIA). Total stocks continue to register above the 46 million bbl mark and year-on-year, inventories are 1.1 million bbl surplus. Despite the draw, regional utilization rose seven percent to 91.4 percent, indicating that stocks could rise in the coming weeks and help push prices down further.
In the Mid-Atlantic and Northeastern states, gas prices in Washington, D.C. were less on Saturday compared to with the smallest decrease (2 cents) and Tennessee with the largest decrease (-8 cents). As pump prices continue to fall, all state averages remain well below the $3/gal mark — a big change from this summer when Connecticut, New York, Pennsylvania and Washington, DC. He is used to this note. These states continue to have the most expensive averages in the nation, but are at least 15-cents above the $3/gal mark: Connecticut (2.84), New York (2.83) and Washington, DC. ($2.82)
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This week, Delaware ($2.24), Maryland ($2.42) and Pennsylvania ($2.76) state gas prices are 18, five and percent cheaper than the average a year ago, respectively.
Gasoline stocks fell dramatically by nearly 3 million bbl for the week, reducing stocks to a total of 61.7 million bbl. EIA data shows that stock levels have not been this low since April of this year. The state gas price average has kept the stock a big draw so I don't see a big drop this week.
The South-South region has five states that made the top 10 list of biggest weekly declines: Mississippi (-11 cents), South Carolina (-10 cents), Alabama (-9 cents), Arkansas (-9 cents). and Texas (-9 cents). Florida and North Carolina saw the smallest declines in the region, with drops of seven cents.
Currently, five states in the region are enjoying pump prices that are the cheapest of the year: Oklahoma (-7 cents), Louisiana (-6 cents), Florida (-4 cents), Texas (-3 cents) and South Carolina. (-1 cent.)
Why Are Gas Prices Dropping After Rapidly Rising
Refinery use in the Midwest and Midwest rose two percent as stocks built by nearly 2 million bbl on Saturday, according to EIA data. Total stocks sit at 83.7 million bbl, a level not seen for the region since late June. A big rally in stocks contributed to a big drop in gas prices last week.
Motorists on the West Coast continue to pay the highest gas prices in the nation, with six states making the nation's top 10 most expensive list. Hawaii ($3.76) is the nation's most expensive market, followed by California ($3.61), Washington ($3.36), Alaska ($3.27), Nevada ($3.20), Oregon ($3.18), and Arizona ($2.84). On Saturdays, all prices in the area are lower. The biggest declines were in Hawaii (-8 cents), Washington (-5 cents) and California (4 cents).
The EIA's weekly petroleum situation report for the year ended Nov. 16 showed West Coast gasoline stocks rose 300,000 bbl to 26.9 million bbl. Crude is about 1.3 million bbl lower than this time last year, which could send prices lower this week if there is a supply challenge in the region.
For the first time since April, Idaho's average gas price dropped by $3/gal to $2.97. While all states sell below the $3/gal mark, four are the most expensive in the nation: Idaho ($2.97), Utah ($2.91), Montana ($2.86) and Wyoming ($2.86). Gas prices fell by six cents in Colorado, five cents in Idaho, and less than two cents in Wyoming for the week.
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When subtracted from the 130,000 bbl, reserves in the Silicon region increase to 6.8 million bbl. Coincidentally, stocks are sitting at a 130,000 bbl surplus for the year. Refinery utilization also declined, according to the most recent EIA data.
At the end of Friday's formal trading on the NYMEX, WTI was down $4.21 to settle at $50.42. Oil prices fell to their lowest level since October 2017 last week as the EIA reported that crude inventories continued to build. The latest EIA weekly petroleum report shows crude inventories rose 4.9 million bbl to 447 million bbl. Gross domestic crude inventories rose for the ninth consecutive week, leading to further declines in crude oil prices. If this week's EIA report shows another build, crude oil prices will likely continue their decline.
Growth in global crude production contributed to the increase in global crude inventories in the United States, along with stronger-than-expected global crude oil demand in the fourth quarter of 2018. Market watchers will now be closely watching OPEC, which could cut its overall crude output at a meeting next month. If OPEC, along with Russia, decides to cut production, crude oil prices are likely to rise as a result of the agreement.
Motorists can track current gas prices along their journey with the free AAA mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book hotels and get AAA roadside assistance. Learn more at AAA.com/mobile. Energy in this list Electric Power | LNG | Natural Gas | Shipping Infographic: European gas prices retreat from record highs, but oil winter ahead | Natural Gas (European) | Natural Gas | LNG | Renewable | exit | Energy conversion | Nuclear Electric Power Risk | Electric Power | Coal | Energy | Electricity Europe Energy Price Crisis Electric Power | Electricity | Energy | Energy Transition European Long Term Power Forecast Energy | Oil Energy Transition APPEC 2023 Energy | Natural Gas | LNG | Shipping | Tanker Germany sees LNG import capacity of 37 Bcm/year by 2024: Energy Ministry | Oil ore | Steel | Crude Steel Commodity Tracker: 4 Charts to Watch This Week
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European gas prices have retreated from their record highs in late August, but prices earlier in the month still reflected concerns about trading emissions in the coming winter.
Russian gas supplies will now only be delivered to Europe in small quantities via Ukraine and the TurkStream pipeline, adding to concerns already raised about the capacity of European storage sites to fill in the summer of 2023.
LNG supplies to Europe remain strong, but cold weather this winter could still test the European gas market, with continued low French nuclear availability likely to increase demand for gas power generation.
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