As we move into the second month of 2024, many are getting itchy feet. Maps and bucket lists are appearing on tables across the country. It’s time to plan an RV trip. Be sure to include all the factors, especially that important one: fuel prices. While the weather might be cold, gas prices are warming up, according to AAA.
Nickle up!
The national average for a gallon of gas rose by a nickel since last week, to $3.15. The upward turn is probably a combination of oil costs edging into the upper $70s per barrel. Mix in normal seasonal increases as winter eases and demand for gas creeps higher. Hey, presto! More at the pump to be paid.
“We are in that time of year where pump prices begin to heat up, usually peaking around July,” said Andrew Gross, AAA spokesperson. “But unless something shocks the global oil market and causes prices to spike, the national average for a gallon of gas will probably stagger higher, with some flat days or even small price dips along the way.
Demand up—but stocks are, too
The Fed’s Energy Information Administration (EIA) says gas demand increased from 7.89 to 8.14 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 1.1 million barrels to 254.1 million barrels. These factors make it easy to see why gas prices are warming up. Higher gas demand and fluctuating oil prices have contributed to increasing pump prices. If oil prices continue to face upward pressure, drivers may see pump prices rise.
By the numbers
Today’s national average of $3.15 is four cents more than a month ago but 35 cents less than a year ago.
Since last Thursday, these 10 states have seen the largest changes in their averages: Missouri (+16 cents), Texas (+11 cents), Minnesota (+11 cents), Indiana (−11 cents), Iowa (+10 cents), Arkansas (+10 cents), Delaware (+9 cents), Kansas (+9 cents), Florida (+9 cents) and Colorado (+8 cents).
The nation’s top 10 least expensive markets: Wyoming ($2.68), Oklahoma ($2.71), Utah ($2.72), Wisconsin ($2.74), Kansas ($2.75), Mississippi ($2.75), Colorado ($2.76), Arkansas ($2.77), Kentucky ($2.79) and Missouri ($2.79).
##RVT1142b
Maybe we ought to refill the Strategic Petroleum Reserve now, before it gets back to $5.50/gallon. Multiple major wars going on currently and the chances of us stumbling into one seem pretty high for the next year.
The Strategic Petroleum Reserve is crude oil, not gasoline. I haven’t paid any attention to crude oil prices since I retired from the U.S. Energy Information Administration in early 2018, but if crude oil prices are currently low, then your point remains, Cancelproof.
Can any one remember when “common sense” was used. Buy low and put away for a “rainy day” like an extended military action”- Middle East area come to mind?
I can remember when gas prices was less than $2 a gallon and we were a supplier of oil to the world just 3 years ago. The problem was people thought personality was more important than the success of the country, like if they actually thought they were going to be invited to have dinner with the president. Boy did they get suckered!
Yes Neal and thanks, crude in SPR, not refined fuel products. My point remains the same, inarticulate as it was. LOL. If gas goes up, crude prices will LIKELY be driving it up. It’s pretty hot in a few regions, big oil supply regions/countries, and I would hate to be short when and if we need it.
Crude at $72.41 today, not great but not bad. I think it is about right in fact, but I am not an energy speculator, except for the spring and summer of 2020.
The usual excuse is that a refinery is shut down for (pick your favorite): annual maintenance, seasonal fuel change, switch from gasoline to propane, storm damage, or ‘whatever’.
The usual twice-annual refinery adjustment is more gasoline/less diesel in early spring ahead of “driving season,” and less gasoline/more diesel (heating oil) in early fall ahead of “heating season.”
Thank you, Russ and Tina! It warms my little black heart to see my old agency still does some of what we did, back in the “old days.” If they still worked from the office (almost all full-time telework since 3/2020) and I visited, I doubt that I’d know more than a small handful of people. 🤔😯😊