Gas Prices, For The 7th Week, Continue Downward

We'd all probably be a lot happier about it if we actually had someplace to go with that full tank of cheap gas.

The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 today. During this time frame (since late February), U.S. demand for gasoline has decreased 44% to 5 million barrel per day as gasoline inventories build across the country.

Molly Hart, AAA:

We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968. Every U.S. region is seeing builds in gasoline inventories and crude storage, which is just driving pump prices even cheaper.

On Sunday, the Organization of the Petroleum Exporting Countries plus (OPEC+), led by Saudi Arabia, announced historic global crude productions cuts – nearly 10 million b/d in May and June.

While the production cut is historic, it’s likely to not have an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic continues to have on crude oil prices and gasoline demand.

At $1.86, today’s national average is 6-cents less than last week, 44-cents cheaper than a month ago and nearly $1 less than a year ago.

Indiana is one of the top ten least expensive markets at $1.54.