Outdoor Hospitality News
For Campground & RV Park Owners

News for December 8, 2021

Gas Prices Post Smallest Increase In A Month

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

The national average price for a gallon of gas rose to $3.40, but the two-cent rise over last week is the smallest weekly increase in a month. News that Iranian oil, which has not been sold globally in large quantities since 2018, may return to the world market coupled with an OPEC+ meeting on November 4 via videoconference, is increasing market volatility, but slowing pump price increases, at least for now.

“We have finally seen a little dip in domestic demand for gasoline, which may signal that the seasonal post-Labor Day easing was a little delayed this year,” said Andrew Gross, AAA spokesperson. “And if the recent steady increase in crude oil prices takes a breather too, consumers may benefit at the pump with smaller price hikes.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million bbl to 215.7 million bbl last week. Gasoline demand also fell from 9.63 million b/d to 9.32 million b/d. The drop in demand has helped slow price increases, but elevated crude prices continue to put upward market pressure on pump prices, which will likely keep rising as long as oil prices are above $80 per barrel.

Today’s national average of $3.40 is 21 cents more than a month ago and $1.27 more than a year ago, and 79 cents more than in 2019.

Quick Stats 

The nation’s top 10 largest monthly increases: Alabama (+33 cents), Connecticut (+32 cents), Washington, D.C. (+31 cents), Arizona (+31 cents), Rhode Island (+30 cents), New Hampshire (+29 cents), Virginia (+29 cents), Vermont (+29 cents), Massachusetts (+29 cents) and Delaware (+28 cents).

The nation’s top 10 most expensive markets: California ($4.60), Hawaii ($4.30), Nevada ($3.94), Washington ($3.87), Oregon ($3.78), Utah ($3.73), Alaska ($3.72), Idaho ($3.70), Washington, D.C. ($3.59) and Pennsylvania ($3.57).

Oil Market Dynamics 

At the close of Friday’s formal trading session, WTI increased by 76 cents to settle at $83.57. Crude prices gained on the day due to market expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, will maintain production cuts during their meeting this week. However, crude prices took a slight step back on the week after EIA reported that total domestic crude supply increased by 4.3 million bbl to 430.8 million bbl. If EIA’s next report shows another inventory increase, crude prices could decline this week.

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.

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
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.
Connect on Social Media
MC Fireside Chats
Latest Outdoor Hospitality News
Two Famous Caravan Parks in Australia Up for Sale
RVIA Urges Members to Fight California’s Proposed RV Generator Ban
Sharjah’s New Glamping Resort is Out of this World
Litchfield Glamping Business, Tourism Operators Call for NT Government’s Action Against Gamba Grass Infestation
Gas Prices Drop on Fears of COVID-19 Resurgence

Stay Updated
Outdoor Hospitality News