WASHINGTON, D.C., November, 2023 — Despite less than stellar domestic demand, the national average for a gallon of gasoline fell only two cents since last week. The primary culprit is the cost of oil, which is creeping closer to $80 a barrel. Since oil is the main ingredient in gasoline, higher oil costs tend to put upward pressure on pump prices.
“The current streak of daily pump prices either falling or staying flat started on September 19,” said Andrew Gross, AAA spokesperson. “It appears this run is in jeopardy, and we may see prices edge a bit higher. But if the cost of oil eventually hits reverse and dips again, pump prices will likely follow suit. So stay tuned.”
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.48 to 8.21 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million bbl to 218.2 million bbl. Lower gas demand has contributed to limiting pump price increases amid rising oil prices.
Today’s national average of $3.25 is 21 cents less than a month ago and 22 cents less than a year ago.
Quick Stats
Since last Thursday, these 10 states have seen the largest decreases in their averages: Utah (−16 cents), Indiana (−10 cents), Ohio (−9 cents), Arizona (−9 cents), Wyoming (−8 cents), Michigan (−8 cents), Montana (−8 cents), Colorado (−8 cents), North Dakota (−8 cents) and California (−8 cents).
The nation’s top 10 least expensive markets: Texas ($2.74), Mississippi ($2.76), Oklahoma ($2.76), Georgia ($2.79), Louisiana ($2.81), Missouri ($2.81), Arkansas ($2.82), Alabama ($2.88), Kansas ($2.89) and Iowa ($2.91).
$4.59. a gallon at a Costco in San Diego area yesterday. 🙁
Yup, but how’s the weather? 😎
It was a beautiful day !! 🙂
The price for living in The People’s Republic of California.
But no mean tweets
I always thought that fuel, gas and diesel increases crept up in the winter due to more crude oil being used for home heating and not being used for gasoline
That’s all being taken care of by the present administration by forbidding people from heating their homes with anything but the sun and wind, I don’t know what they’ll heat with at night or in the middle of a blizzard when you can’t see the sun, and they better hope their wind generator doesn’t freeze up like the did in TX a couple years ago. Lol, all these decisions about living by people who have never done anything in life but flap their jaws about how normal people should live. A country ran by lawyers.
Bob, can you post the article or a copy of the regulations issued by the administration that prevent people from heating their homes unless its solar or wind? I must have missed it.
I’m waiting for the 1% (?) of EV owners saying they are part of the equation for gas savings. Looking at the stats, the biggest reason is that people are driving less and combining trips. Also, the time of the year. Less traveling during the winter months. Happens every year.
I long for the days when we were not only ‘energy independent’, but a major exporter of energy. It wasn’t that long ago.
5 days ago The Guardian reported that US oil and gas production is poised to set a record in 2023. The EIA website shows US crude exports reached a record high the first half of 2023.
Already surpassed this year, but it makes a useful, although untrue, soundbite for pundits and politicians.
Personally , I wouldn’t believe a word from DeCarolis and that agency, run by the most opaque administration in U.S. history.
You can check any other credible source for the same information. Reuters, NBC News, Forbes – to name just a few.
Still waiting for the credible source you implied was forthcoming Warren. Tick Tock.
I don’t think I implied I was providing specific links to websites, CP. I believe posting a link has to be approved by the RV Travel moderators, as well. With a minimum of effort you can Google gas and oil production trends in the US and review supporting articles at quite a few websites, including the last three I mentioned.
Feel free to link anything, Warren. I’m here and will approve it (if appropriate) as soon as I see it’s being held by our spam filter for moderation. All links are held for moderation, even those I put in. (I get a chuckle out of having to approve my own comments.🤣) Have a great day. 😀 –Diane at RVtravel.com
Thank you, Diane. And thanks for all you do for the readers of RV Travel! Here’s a couple of fairly recent articles:
https://www.reuters.com/markets/commodities/us-oil-output-hits-record-producers-boost-drilling-efficiency-kemp-2023-11-01/
https://www.nbcnews.com/nightly-news/video/gas-prices-are-down-as-u-s-oil-production-is-back-up-to-record-levels-199027781621
Thanks, Warren. Have a good afternoon/evening. 😀 –Diane
Sorry Warren. I was questioning whether NBC, RUETERS and FORBES were credible? I clearly let my bias against the 3 news sources you quoted show. I was not questioning the information and my bias against those sources was prevalent, as opposed to staying on point.
From the American Petroleum Institute. Credible enough?
https://www.api.org/-/media/Files/Publications/Monthly%20Statistical%20Report/2023/API-Monthly-Statistical-Report-October-2023.pdf
Absolutely. TY.
My question of “credibility” was premised only that NBC, Reuters and Forbes all have very little anymore. Not on the factuality of the information itself. I was inarticulate in my comment, and in fact, my comment had little relevance to the conversation itself. Oops. ✌️ I was admittedly messenger biased, not information biased. Yes, I have biases. 🫢
Oregon sees a 5% increase in fuel prices starting January 1, 2024. Oregon has a continual increase not only in fuel costs but because of more fuel efficient vehicles and less miles driven since 2017. There has been all types of transportation taxes placed on the citizens of Oregon since 2017. One current price for diesel $4.29 per gallon at a Safeway in Salem. $0.21 added on January 1 at current price.
Thank you, RV Travel! I guess we are not typical of Tennessee because local unleaded regular (10% ethanol) gasoline is in the mid- to upper $2.70s/gallon in the Chattanooga area.