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Despite the Autumn Colors, Drivers Find More Green in Their Wallets

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The decline in pump prices accelerated a bit since last week, with the national average falling twelve cents to $3.66.  The primary culprits are slack demand and the falling cost of oil, which has shaved more than $10 and is hovering near $84 per barrel.     

“Drivers are finally seeing some relief at the pump as the seasonal swoon picks up momentum,” said Dan Goodman, manager of public affairs for AAA Northern New England.

According to new data from the Energy Information Administration (EIA), gas demand dropped significantly from 8.62 to 8.01 million b/d. On the other hand, total domestic gasoline stocks increased substantially by 6.5 million bbl to 227 million bbl. Growing supply, amid low demand, has pushed pump prices down. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.  

 

  • Maine’s average current price is $3.68 per gallon, which is seven cents lower than one week ago, and 13 cents lower than a month ago.  
     
  • New Hampshire’s average current price is $3.58 per gallon, which is 7 cents lower than one week ago, and 11 cents lower than a month ago.
     
  • Vermont’s average current price is $3.74 per gallon, which is 5 cents lower than one week ago, and 6 cents lower than a month ago.

 

Quick Stats

Since last Thursday, these 10 states have seen the largest decreases in their averages: Nevada (−16 cents), Indiana (−15 cents), Delaware (−14 cents), Iowa (−13 cents), Ohio (−12 cents), Wisconsin (−12 cents), Montana (−11 cents), Minnesota (−11 cents), Oklahoma (−11 cents) and California (−10 cents).

 

The nation's top 10 least expensive markets: Georgia ($3.20), Mississippi ($3.20), South Carolina ($3.27), Alabama ($3.28), Louisiana ($3.28), Delaware ($3.29), Texas ($3.29), Tennessee ($3.30), Arkansas ($3.33) and Ohio ($3.35).

 

Oil Market Dynamics

 

At the close of Tuesday’s formal trading session, WTI decreased by $3.26 to settle at $85.97. Oil prices fell sharply yesterday due to rising market concern that if interest rates continue to increase, the economy could tip into a recession. If a recession occurs, crude demand and prices would likely drop. Additionally, the EIA reported that total commercial crude stocks decreased by 2.2 million bbl to 414.1 million bbl last week.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.           

                                                       

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AAA Northern New England is a member club affiliated with the American Automobile Association (AAA) national federation and serves members in Maine, New Hampshire, and Vermont.