Poorly maintained vehicles are less efficient and use more fuel. But the real savings for motorists in region is compared to this time last year – gas prices are at least 19 cents cheaper. WTI Crude Oil Prices - 10 Year Daily Chart. “The national gas price average at the start of November has not been this cheap since 2004. Other states in the region are seeing the following prices: Washington ($3.21), Nevada ($3.13), Oregon ($3.05), Alaska ($3.00) and Arizona ($2.81). “Americans can expect local pump prices to start to increase this week. Merchant of Record: A Media Solutions trading as Oilprice.com, That email address is already in the database. The large price swings are surprising given that regional gasoline stocks and refinery utilization both held steady on the week at 54 million bbl and 75%, respectively, according to EIA data. Hawaii ($3.65) and California ($3.63) are the most expensive markets in the country. As a result, IEA reduced its global crude demand growth forecasts for 2019 and 2020 to 1.1 million and 1.3 million bpd respectively. Motorists could expect to see prices increase at a slower rate in the week ahead given these latest spikes. Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. The yearly gas price gap is likely only to widen more. Stocks in the region have mostly been building as of late, though slowly since July. Washington ($3.18), Nevada ($3.10), Oregon ($3.03), Alaska ($2.95) and Arizona ($2.83) follow. This caused the national average to push cheaper by a penny down to $2.56. U.S. regular retail gasoline prices averaged $2.60 per gallon (gal) in 2019, 11 cents/gal (4%) lower than in 2018. These three states also land on the top 10 list for largest weekly increases in the country. 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). Monthly average prices at the key U.S. regional trading hubs hit their highest in February 2019, due to the winter season, and then they were relatively stable and low from April to December, the EIA has estimated. Crude prices increased last week after reports emerged that OPEC is considering additional crude production cuts. In 2017, Hurricane Harvey caused the national gas price average to jump 30-cents in a matter of days. The EIA’s recent report for the week ending on August 9 showed that West Coast gasoline stocks sit at 30.2 million bbl, falling by 1.5 million bbl from the previous week. Gasoline stocks saw a small build of 54,000 bbl to bump regional stock levels to 7.5 million. Try our corporate solution for free! However, at 65 million bbl, supplies still lag behind year-ago levels but are ahead of the five-year average. The current price of WTI crude oil as of November 24, 2020 is $45.02 per barrel. The losses came as a result of continued market worries about crude demand slumping this fall as a result of the ongoing trade dispute between the United States and China, the world’s two largest oil consuming countries. Other Saudi-oil-consuming countries also have emergency reserves to help back-fill the global loss, if needed. While this week is starting with significant savings for much of the region, there is the potential for this coming week to bring increases. South Dakota saw the smallest decrease of just a penny. In a Gas Buddy study, 19 states had the highest gas prices at the end of the work week. Ohio (+4 cents) and Indiana (+1 cent) were two of only five states in the country to see gas prices increase on the week. Though, Texas and South Carolina also saw their state average decline six-cents on the week. Overall, COVID-19 has caused immense pain for consumers and business alike, and in response, the Fed has slashed rates next to zero, which has hurt... Enterprise Products Partners LP (EPD) enhanced their very long-standing reputation for consistency when they reported third quarter earnings on Oct. 28. 26. Under-inflated tires reduce fuel economy and can be a safety hazard. The rest of the region has not been impacted by the hurricane and on the week gas prices are as much as a nickel cheaper in Texas. CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. Despite the jump in demand, motorists are paying less to fill up. In 2019, one gallon of regular gasoline cost 2.6 U.S. dollars in the United States; 2004 was the last time gas was under two U.S. dollars. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. The total level is now 28.4 million bbl, which is in line with stock levels at the end of August 2018. Gas prices in the Rockies saw modest movement  – three cents or less declines – at the pump since last Monday: Idaho (-3 cents), Montana (-3 cent), Utah (-3 cents), Colorado (-2 cents) and Wyoming (-2 cents). Today’s state average is $2.42. At the close of Friday’s formal trading session on the NYMEX, WTI increased by a $1.96 to settle at $54.50. However, the losses were tempered by EIA’s weekly report showing that total domestic crude inventories fell by 6.9 million bbl last week. With a nearly 1 million bbl build, regional gasoline stocks sit at 75.1 million bbl. This likely means continued pump price decreases heading into September. That sinks total stock levels to 77.1 million, which is the lowest level at the end of August for the region since 2015. Colorado (+3 cents) was the only state in the region to see an increase at the pump this week. “On the week, nearly half of all states saw gas price averages decrease by at least a nickel,” said Jeanette Casselano, AAA spokesperson.

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