Since Monday, the national average for a gallon of regular gasoline has decreased by six cents to $2.06. The national average has not been this low since March 2016. Today, 24 states have averages under $2 per gallon. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia. New data from the Energy Information Administration reveals that with many Americans staying at home and practicing social distancing, gas demand dropped dramatically — from 9.7 million b/d to 8.8 million b/d — last week. Gas demand is likely to continue decreasing and push gas prices cheaper.
Largest Weekly Decreases
- Since last Thursday, these 10 states have seen the largest declines in their averages: Wisconsin (-24 cents), Oklahoma (-18 cents), Alaska (-18 cents), Michigan (-16 cents), Ohio (-17 cents), California (-16 cents), Kentucky (-15 cents), South Dakota (-14 cents), Maine (-15 cents) and Connecticut (-14 cents).