Pump Prices and Crude Oil Continue to Push Cheaper

Quarterly-Gas-q1-2018-newsroom

Throughout Northern New England motorists are seeing prices at the pump continue to decline. The national gas price average is $2.47, which is four cents cheaper than last week and 15 cents cheaper than one month ago. Motorists are paying less to fill up especially as crude oil prices are less expensive.

 

  • Maine’s average current price is $2.43 per gallon, which is 3 cents lower than one week ago, and 15 cents lower than a month ago.
     
  • New Hampshire’s average current price is $2.39 per gallon, which is 3 cents lower than one week ago, and 11 cents lower than a month ago.
     
  • Vermont’s average current price is $2.59 per gallon, which is 2 cents lower than one week ago, and 7 cents lower than a month ago.

 

“Gas prices are pushing cheaper for two reasons. Crude oil prices are $10 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.

 

Oil Market Dynamics

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 this week, 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.

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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.