National gas prices average less than $ 5 per gallon – Clarksville Online

Washington, DC – The national average for a gallon of gas is less than $ 5.00, which is a modest relief for the troubled driver at the pump.

Fear of the global recession and its associated economic slowdown is primarily due to the falling oil prices from $ 122.00 per barrel to about $ 110.00. As a result, the national average for a gallon of gas is $ 4.96, a week ago a nickel.

“The recent high prices may have led to a small drop in domestic gasoline demand as fewer drivers increased fuel last week,” said AAA spokesman Andrew Gross. “This dip, coupled with low-cost oil, has taken some steam away from rising pump prices.^Th Travel weekend. “

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks last week fell from 700,000 bbl to 217.5 million bbl. Meanwhile, gasoline demand is slightly lower from 9.2 million b / d to 9.09 million b / d. A slight drop in gas demand has helped to limit the increase in pump prices. However, as crude oil prices remain volatile, the price per gallon of gasoline is likely to increase.

Today’s national average is $ 4.96 more than 37 cents a month ago and $ 1.89 more than a year ago.

Quick stats

The top of the nation 10 large weekly reductions: Indiana (? 10 cents), Florida (? 9 cents), Wisconsin (? 9 cents), South Carolina (? 8 cents), Ohio (? 8 cents), Maryland (? 8 cents), New Jersey (? 8 cents)? ), Michigan (? 7 cents), Kentucky (? 7 cents) and North Carolina (? 6 cents).

The top of the nation 10 less expensive markets: Georgia ($ 4.46), Mississippi ($ 4.47), Arkansas ($ 4.50), Louisiana ($ 4.51), South Carolina ($ 4.52), Alabama ($ 4.57), Tennessee ($ 4.58), North Carolina ($ 4.60), Oklahoma ($ 4.62) $ 4.63.

Oil Market Dynamics

WTI settled at $ 109.56, down $ 8.03, at the end of Friday’s trading. Crude prices fell last week amid wider market concerns over the prospect of slowing economic growth after the US Federal Reserve raised interest rates by 0.75 percent.

Slower than expected economic growth could lead to a drop in crude demand. Crude prices are likely to follow. Additionally, crude prices fell after the EIA reported that gross domestic shares increased from 1.9 million bbl to 418.7 mbl. If the EIA’s next report shows that raw stocks are on the rise again, prices could fall even further.

Drivers can find current gas prices on their way with the free AAA mobile app for iPhone, iPad and Android. The app can map the route, search for discounts, book a hotel and access AAA roadside assistance.

Learn more at AAA.com/mobile.