Pump Prices and Crude Oil Continue to Push Cheaper

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Throughout Northern New England motorists are seeing prices at the pump decline by as much as six cents from the same time last week.  The national gas price average is $2.45, which is four cents cheaper than last week and 11 cents cheaper than the beginning of the year. Motorists are paying less to fill up especially as crude oil prices are less expensive.

“Gas prices are pushing cheaper for two reasons. Crude oil prices are $13 less a barrel than one month ago and U.S. gasoline stocks sit at an all-time record high,” said Dan Goodman, manager of public affairs for AAA Northern New England. “Cheaper crude and healthy stock levels mean motorists can expect prices to continue to decline this month.”

  • Maine’s average current price is $2.46 per gallon, which is 6 cents lower than one week ago, and 13 cents lower than a month ago.
     
  • New Hampshire’s average current price is $2.42 per gallon, which is 3 cents lower than one week ago, and 8 cents lower than a month ago.
     
  • Vermont’s average current price is $2.61 per gallon, which is 2 cents lower than one week ago, and 4 cents lower than a month ago.

 

Oil Market Dynamics

At the close of Wednesday formal trading session on the NYMEX, WTI dropped by 58 cents to settle at $50.64. For the second week, crude prices have decreased as a result of increased market concerns regarding the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow, crude prices could drop again.

As North America’s largest motoring and leisure travel organization, AAA provides more than 60 million members with travel, insurance, financial, and automotive-related services.  Operating 19 offices throughout Maine, New Hampshire and Vermont, AAA Northern New England is a not-for-profit, fully tax-paying corporation and serves as an advocate for the safety and security of all travelers.  Motorists can find current 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.