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Crude Oil Drops to Lowest Price in Five Months

Crude Oil Drops to Lowest Price in Five Months

Mounting concerns about the increase in global coronavirus cases and the reinstatement of lockdown policies in some countries has driven crude oil prices down to the lowest closing price – $35/bbl – since June. In comparison, last year at this time crude was pricing at about $20/bbl more expensive.

As crude prices decreased last week, the U.S. saw fluctuation in gasoline demand and supply. Demand increased from 8.2 million b/d to 8.5 million b/d while supply decreased 90,000 b/d to 226 million bbl. Despite the jump in demand, motorists are paying less to fill up. The national average pushed four cents cheaper to $2.12, while every state except South Dakota (+1 cent) saw gas prices hold steady or decrease.

“The national gas price average at the start of November has not been this cheap since 2004. If crude oil continues to push cheaper, we could see the national average drop below $2/gallon before the end of the year,” said Jeanette Casselano McGee, AAA spokesperson.

Across the country, state gas price averages are cheaper on the month and the week. Today, motorists can find gas for $2/gallon or less at 52% of gas stations.

Quick Stats

The nation’s top 10 largest weekly decreases: Ohio (-9 cents), Indiana (-8 cents), Washington, D.C. (-8 cents), Michigan (-7 cents), Kentucky (-6 cents), Texas (-4 cents), North Carolina (-4 cents), South Carolina (-4 cents), Tennessee (-4 cents) and Minnesota (-4 cents).

Bumper Audio Clip of the Week


Bumper to Bumper helps a listener diagnose an issue with their 2015 Mazda 6.