CStore Decisions

  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Alcoholic Beverage Playbook
    • Tobacco Playbook
  • Products
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization

Gas Prices Slowly Fall, Yet Future Uncertain

The national average for a gallon of gasoline has fallen to $4.25 due to the lower global price of crude oil.

By Emily Boes | March 21, 2022

Share

According to AAA, the national average for a gallon of gasoline has fallen to $4.25 after hitting a record $4.33 on March 11. The primary reason is the lower global price of crude oil, which peaked shortly after Russia launched its war in Ukraine, but is now more than $20 lower and hovering near $105/bbl. Domestically, gasoline demand is defying seasonal trends and has dipped slightly, perhaps in response to higher prices at the pump.

“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Andrew Gross, AAA spokesperson. “But we had a slight drop in demand last week, which may be due to higher pump prices. In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump price.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3.6 million bbl to 241 million bbl last week. Gasoline demand also decreased slightly from 8.96 million b/d to 8.94 million b/d. The drop in gas demand is contributing to price decreases, but the recent reversal in oil prices is creating downward pressure on pump prices. If the oil price continues to decline, pump prices will likely follow suit. However, should oil prices start to climb again, pump prices will likely follow.

Today’s national average for a gallon of gas is $4.25, which is seven cents less than a week ago, 72 cents more than a month ago, and $1.37 more than a year ago.

Quick Stats

The nation’s top 10 largest weekly decreases: Maryland (−46 cents), Delaware (−20 cents), Florida (−18 cents), Georgia (−17 cents), Washington, D.C. (−14 cents), Connecticut (−13 cents), Virginia (−13 cents), Rhode Island (−13 cents), New Jersey (−12 cents) and Alabama (−10 cents).

The nation’s top 10 most expensive markets: California ($5.85), Nevada ($5.11), Hawaii ($5.08), Washington ($4.72), Oregon ($4.70), Alaska ($4.69), Arizona ($4.61), Illinois ($4.50), New York ($4.36) and Washington, D.C. ($4.36).

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by $1.72 to settle at $104.70. After crude prices spiked in response to Russia’s invasion of Ukraine, crude prices changed course in reaction to China announcing new lockdowns alongside rising COVID-19 infection rates last week. However, crude prices could increase further this week as E.U. foreign ministers, who will meet Monday in Brussels, decide whether the 27-nation bloc should join the United States in banning Russian energy imports, including crude oil. Additionally, EIA reported that total domestic crude stocks increased by 4.3 million bbl to 415.9 million bbl last week.

Related Articles Read More >

Americans Plan to Roadtrip More than Last Summer
Pilot Flying J Launches $50,000 Fuel Giveaway
Gas Prices Continue to Rise
U.S. House Passes Gas Price-Gouging Bill
Safe Shop Assured

CStore Decisions Newsletter

Sponsored Content

  • Create Some Positivity at the Pump: 3 Ways to Fuel Customer Experiences
  • How Minuteman Food Mart Ensures a Consistent Customer Experience Across 44 Stores
  • Three Challenges Disrupting C-Store Operations and How to Overcome Them
  • Why Wait? Converting to E15 is easy.
  • It’s time you profited from your checkout line

Get the Magazine

Subscribe Now!
Subscribe Now!

Manage Current Subscription
CStore Decisions
  • New CSD Print Subscription
  • Manage current print subscription
  • CBD Retail Trends
  • CStore Products
  • NAG Convenience Conference
  • Convenience Directions
  • Rack Prices
  • Subscribe to CSD’s E-Newsletter
  • About CStore Decisions
  • Advertise

Copyright © 2022 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search CStore Decisions

  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Alcoholic Beverage Playbook
    • Tobacco Playbook
  • Products
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization