Outdoor Hospitality News

For owners, operators, team members, and anyone else interested in camping, glamping, or the RV industry.

News for August 14, 2022

AAA: Gas Prices Fall to $4.80 per Gallon

Advertisement

Share this article

The national average for a gallon of gasoline fell to $4.80, down eight cents over the past week. The primary reason for the decline is lower demand at the pump as fewer people fueled up over the past two weeks. The lull, however, could end with the arrival of the summer driving season.

“Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” said Andrew Gross, AAA spokesperson. “But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived.”

According to the latest Energy Information Administration (EIA) data, gas demand currently sits at 8.93 million b/d, which is lower than last year’s rate of 9.11 million b/d at the end of June. On the other hand, total domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply/demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.

Today’s national average of $4.80 is four cents less than a month ago and $1.67 more than a year ago.

Quick Stats 

The nation’s top 10 largest weekly decreases: Texas (−13 cents), Delaware (−13 cents), Arizona (−12 cents), Illinois (−12 cents), Indiana (−12 cents), Ohio (−12 cents), South Carolina (−11 cents), Florida (−11 cents), Virginia (−11 cents) and Maryland (−10 cents).

The nation’s top 10 least expensive markets: South Carolina ($4.29), Georgia ($4.30), Mississippi ($4.31), Louisiana ($4.35), Arkansas ($4.35), Texas ($4.39), Alabama ($4.39), Tennessee ($4.41), North Carolina ($4.43) and Oklahoma ($4.50).

Oil Market Dynamics 

At the close of Friday’s formal trading session, WTI increased by $2.67 to settle at $108.43. The price of crude increased at the end of last week due to market optimism that demand will remain robust throughout the summer. However, crude prices faced strong resistance amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation, which could send prices lower this week if market concerns persist. A lower-than-expected economic growth rate could cause crude demand to decline, leading prices to follow suit. Additionally, EIA reported that total domestic crude stocks decreased by 2.7 million bbl to 415.6 million bbl last week, which is nearly 37 million bbl lower than at the end of June 2021.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.

Advertisement

Share this article

Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
You Are Here
Connect on Social Media
MC Fireside Chats
Latest Outdoor Hospitality News
Purem by Eberspaecher, Aapico Sign Joint Venture Agreement
Canadian Gov’t Investing Over CA$87K to Renovate, Expand Yukon Motorcycle Park
Princeton Receives CA$750K to Revitalize Community Space, Enhance RV Campground
Americans Slightly Relived With Lower Prices, Despite Inflation
New Brunswick Tourism Yet To Return To 2019 Levels, Despite High Traffic

Stay Updated
Outdoor Hospitality News

Send this to a friend
Hi, you might find this article from Modern Campground interesting: AAA: Gas Prices Fall to .80 per Gallon! This is the link: https://moderncampground.com/press-releases/aaa-gas-prices-fall-to-4-80-per-gallon/