Since Monday, the national average for a gallon of regular gasoline has decreased by six cents to $1.95. Today, 33 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. In its weekly report, the Energy Information Administration (EIA) released new data that showed gas demand decreased significantly last week — from 8.8 million b/d to 6.7 million b/d. According to EIA’s historical gas demand data, demand has not been this low since 1993. As more Americans practice social distancing, gas demand is likely to continue decreasing and push pump prices cheaper.
Additionally, domestic crude prices (West Texas Intermediate) increased from $20.31 to $25.32 per barrel yesterday amid reports of Saudi Arabia and Russia reaching a truce on their crude price war. Although the announcement has helped lift prices, crude prices are expected to remain low as the global impact of COVID-19 continues to increase.
Largest Weekly Decreases
- Since last Friday, these 10 states have seen the largest declines in their averages: Montana (-18 cents), Wisconsin (-17 cents), Vermont (-16 cents), Alaska (-14 cents), Oklahoma (-12 cents), Arkansas (-12 cents), Iowa (-12 cents), Kentucky (-11 cents), Idaho (-11 cents) and Ohio (-11 cents).