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Chinese oil demand impacting fuel prices

Average gasoline prices in Alabama have fallen 2.7 cents per gallon in the last week, averaging $3.00/g today, according to GasBuddy’s survey of 3,348 stations in Alabama. Prices in Alabama are 19.5 cents per gallon higher than a month ago and stand 3.1 cents per gallon higher than a year ago. The national average price of diesel has fallen 7.2 cents in the last week and stands at $4.56 per gallon.

According to GasBuddy price reports, the cheapest station in Alabama was priced at $2.68/g yesterday while the most expensive was $3.39/g, a difference of 71.0 cents per gallon. The lowest price in the state yesterday was $2.68/g while the highest was $3.39/g, a difference of 71.0 cents per gallon. The national average price of gasoline has risen 2.5 cents per gallon in the last week, averaging $3.28/g today. The national average is up 14.9 cents per gallon from a month ago and stands 2.2 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Alabama and the national average going back ten years:

January 16, 2022: $2.97/g (U.S. Average: $3.30/g)

January 16, 2021: $2.16/g (U.S. Average: $2.39/g)

January 16, 2020: $2.31/g (U.S. Average: $2.57/g)

January 16, 2019: $1.92/g (U.S. Average: $2.24/g)

January 16, 2018: $2.28/g (U.S. Average: $2.54/g)

January 16, 2017: $2.13/g (U.S. Average: $2.33/g)

January 16, 2016: $1.67/g (U.S. Average: $1.91/g)

January 16, 2015: $1.94/g (U.S. Average: $2.07/g)

January 16, 2014: $3.11/g (U.S. Average: $3.30/g)

January 16, 2013: $3.22/g (U.S. Average: $3.29/g)

Neighboring areas and their current gas prices:

Birmingham- $2.99/g, down 4.5 cents per gallon from last week’s $3.04/g.

Montgomery- $3.02/g, down 3.0 cents per gallon from last week’s $3.05/g.

Huntsville- $2.99/g, unchanged from last week’s $2.99/g.

“We’ve seen somewhat of a mixed week at the pump with some states seeing gasoline prices rise, while others have stabilized for the time being. The good news as of late has been the continued decline in average diesel prices, which¬† fell over a penny per day last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Oil prices have seen a bit of a rally, finishing last week at nearly $80 per barrel again as Chinese demand starts to jump as expected, but with Covid cases and deaths now also surging in China, the jump in demand could be short-lived. Gas prices may nudge up slightly in the week ahead in some areas, while others could hold flat. The window on price drops however, appears to be coming up on the horizon as we get closer to what’s likely to be a significant refinery maintenance period ahead of summer.”

GasBuddy is the authoritative voice for gas prices and the only source for station-level data. GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.

GasBuddy data is accessible at http://prices.GasBuddy.com.

SOURCE GasBuddy

stock photo – gas pump

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