News Department

AAA: With Thanksgiving around the corner, gas prices dip slightly

The national average for a gallon of gasoline slid three cents in the past week to $3.77, according to AAA.

The main reason is the global cost of oil, gasoline’s main ingredient, has been stuck in a narrow price range of $85 to $92 a barrel for several weeks, AAA said.

“While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon,” said Andrew Gross, AAA spokesperson. “More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches.”

According to data from the Energy Information Administration (EIA), gas demand increased from 8.66 million b/d to 9.01 million b/d last week. Total domestic gasoline stocks decreased by nearly 1 million bbl to 205.7 million bbl. Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.

Today’s national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.

gas price chart of decreasing prices

The nation’s top 10 largest weekly decreases: Wisconsin (−25 cents), Michigan (−19 cents), Indiana (−16 cents), Illinois (−15 cents), Ohio (−12 cents), Delaware (−7 cents), Texas (−6 cents), Oklahoma (−6 cents), Kentucky (−5 cents) and Wyoming (−5 cents).

The nation’s top 10 least expensive markets: Texas ($3.11), Georgia ($3.16), Mississippi ($3.20), Arkansas ($3.23), Louisiana ($3.27), South Carolina ($3.29), Alabama ($3.30), Tennessee ($3.30), Oklahoma ($3.31) and Missouri ($3.33).

At the close of Friday’s formal trading session, WTI increased by $2.49 to settle at $88.96. Although crude prices jumped at the end of the week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower. 

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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