As gas prices continue to push cheaper across the country, only one dozen states carry an average of $2/gallon or more. Today’s national average is $1.77, which is four cents less than last week, 28 cents cheaper than last month and $1.11 less than a year ago.
Crude oil prices were extremely volatile last week, pushing negative for the first time ever, but they did make significant gains to end the week in the positive. The Energy Information Administration (EIA) reported demand at 5.3 million b/d, a slight increase, but still an extremely low rate compared to last April’s 9.45 million b/d average. Low demand pushed gasoline stocks to increase for yet another week, this time by 1 million bbl to put total U.S. stock levels at 263 million bbl.
“AAA forecasts that the national average will continue to decrease into next month, possibly dropping as low as $1.65,” said Jeanette Casselano, AAA spokesperson. “We haven’t seen gas prices that cheap since January 2009.”
Some states could see minimal fluctuation at the pump in coming weeks if demand jumps as businesses are given the green light to re-open. However, this will not have a large impact for the majority of the nation’s motorists.
Quick Stats
The nation’s top 10 largest weekly decreases are: Alaska (-9 cents), Idaho (-8 cents), Arizona (-7 cents), Utah (-7 cents), Montana (-6 cents), Oregon (-6 cents), Michigan (-6 cents), Missouri (-6 cents), Washington (-5 cents) and South Dakota (-5 cents).
The nation’s top 10 least expensive markets are: Wisconsin ($1.19), Oklahoma ($1.36), Ohio ($1.38), Michigan ($1.40), Arkansas ($1.42), Kentucky ($1.43), Indiana ($1.44), Missouri ($1.46), Iowa ($1.47) and Mississippi ($1.49).
West Coast
The West Coast region continues to see significant decreases despite carrying some of the most expensive averages in the country. On the week, Alaska (-9 cents) saw the largest decline in the region and the country. Hawaii ($3.18) and California ($2.76) remain the most expensive markets in the country. Washington ($2.47), Oregon ($2.42), Nevada ($2.33), Arizona ($2.14) and Alaska ($2.02) follow.
According to EIA’s latest weekly report, total gas stocks in the region decreased slightly from 35 million bbl to 34.7 million bbl last week. Low crude prices and gas demand will likely help to push pump prices lower in the region this week.