AAA: Like the Sizzling Temps, Gas Prices Climb Higher – RVBusiness – Breaking RV Industry News
“Gas demand, meaning people fueling up, remains tepid. It’s lower now than at this time last year and in 2021,” said Andrew Gross, AAA spokesperson. “But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.86 to 8.94 million b/d last week. Meanwhile, total domestic gasoline stocks dipped from 218.4 to 217.6 million bbl. With supplies tight, if demand should spike, pump prices will follow suit.
Today’s national average of $3.71 is 15 cents more than a month ago but 59 cents less than a year ago.
Quick Stats
Since last Thursday, these 10 states have seen the largest increases in their averages: Indiana (+23 cents), Iowa (+20 cents), Florida (+20 cents), Ohio (+19 cents), Georgia (+19 cents), Kansas (+18 cents), Tennessee (+18 cents), Texas (+18 cents), North Carolina (+18 cents), and South Carolina (+18 cents).
The nation’s top 10 most expensive markets: California ($4.93), Washington ($4.93), Hawaii ($4.69), Oregon ($4.59), Alaska ($4.31), Nevada ($4.24), Utah ($3.94), Idaho ($3.89), Illinois ($3.95) and Colorado ($3.92).
Oil Market Dynamics
At the close of Wednesday’s (July 26) formal trading session, WTI decreased by 85 cents to settle at $78.78 before rebounding Thursday morning. Due to extended repair timelines at refineries, lower refinery oil usage rates will influence how much oil prices rise. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 600,000 bbl to 456.8 million bbl.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Source: https://rvbusiness.com/aaa-like-the-sizzling-temps-gas-prices-climb-higher/
