Market prices tumble on concerns of a gasoline glut
TAMPA, Fla., – The national average price for gasoline declined for the fourth consecutive day on Sunday. The national average is 3 cents less than a week ago.
“Gas prices were knocked off their seasonal upward trend, when new data revealed record-high refinery activity, setting off market concerns of a gasoline glut,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “When refineries finished spring maintenance season, they accelerated production to levels that have outpaced demand. Because of this unexpected shift in fundamentals, motorists have likely seen the highest prices for the foreseeable future and retail prices should fall another 3-5 cents this week.”
Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app.
(Based on weekly data provided by the EIA)
Crude oil prices slipped to the lowest weekly average in a month ($49.43)
Wholesale gasoline futures prices plummeted last week, falling to the lowest level in 8 weeks
U.S. crude inventories decreased slightly, but remain near the upper limit of the average range.
Domestic crude production climbed by 13,000 barrels per day
Gasoline demand remains muted so far this year. Demand has been unable to match last year’s record highs, spurred by low pump prices.
Gasoline supplies rose 1.4 percent last week and nearing last year’s levels
Gasoline production ramped-up by 4.3 percent
Refineries are humming along at record levels in the wake of stagnate demand
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com. Motorists can find the lowest gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.