Dip in gasoline demand slows price increases

(June 23, 2020) The rate at which gas prices are increasing across the country is slowing. Thirty states only saw an increase of a penny or two, causing the national average to push more expensive by three cents to $2.13 since last Monday.

The slower rate can be tied to demand. Measuring at 7.87 million barrels a day, gasoline demand saw a small week-over-week decline and continues to be significantly lower (21%) compared to this week last year.

“Demand levels are likely to ebb and flow in the coming weeks as people continue to be cautious about travel,” said Jeanette Casselano, AAA spokesperson. As a result, pump prices will likely continue to increase, but at a slower rate through the end of the month.

Today’s national average is 19 cents more expensive than a month ago, but remains significantly cheaper — 53 cents — than a year ago.

Quick Stats

    •    The nation’s top 10 largest weekly increases: Delaware (+10 cents), West Virginia (+9 cents), North Dakota (+9 cents), Montana (+8 cents), Washington, D.C. (+6 cents), Virginia (+6 cents), Colorado (+6 cents), Ohio (+6 cents), Maryland (+5 cents) and Wisconsin (+5 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($1.76), Louisiana ($1.79), Alabama ($1.83), Arkansas ($1.83), Texas ($1.83), Oklahoma ($1.84), Missouri ($1.85), South Carolina ($1.86), Tennessee ($1.89) and Kansas ($1.92).