Since Monday, the national average for a gallon of regular gasoline has decreased by four cents to $1.82. Growing domestic gas supply and lower demand, as Americans practice social distancing, and low crude prices due to COVID-19 continue to push pump prices down. In its latest weekly report, the Energy Information Administration released new data that shows total domestic gasoline stocks grew by 4.9 million bbl last week to 262.2 million bbl, which is 34.3 million bbl more than last year’s level at this time. Meanwhile, gas demand registered at 5.1 million b/d for a second week. With Americans following stay at home orders and refiners producing excess gasoline, growing gasoline inventories and low demand will continue to push pump prices lower.
Although the domestic price of crude (West Texas Intermediate) ended Thursday unchanged on the NYMEX, the price per barrel was below $20 at $19.87. Crude prices have fallen steadily as the global public health, financial and economic impact of COVID-19 has increased. As a result of COVID-19, the International Energy Agency’s (IEA) new monthly report for April 2020 revealed that global oil demand is projected to hit a 25-year low and fall by a record 9.3 million b/d this year. According to IEA, global crude demand for April 2020 is expected to be 29 million b/d lower than April 2019 — a level unseen since 1995.
Largest Weekly Decreases
- Since last Friday, these 10 states have seen the largest declines in their averages: Alaska (-17 cents), Idaho (-12 cents), Wisconsin (-10 cents), Nevada (-9 cents), Minnesota (-8 cents), Arkansas (-8 cents), Iowa (-8 cents), Utah (-8 cents), Washington (-8 cents) and Oregon (-8 cents).