Gas prices decline slightly as demand remains low

(July 28, 2020) As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million barrels a day, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week — down one penny to $2.18. This is the first time since late April that the national average has declined.

“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Jeanette Casselano, AAA spokesperson. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”

Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.

Quick Stats

    •    The nation’s top 10 largest weekly changes: Michigan (-5 cents), Indiana (-4 cents), North Carolina (-4 cents), Idaho (+3 cents), Wyoming (+3 cents), Maryland (+3 cents), Texas (-3 cents), California (+2 cents), Wisconsin (-2 cents) and Florida (-2 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($1.83), Louisiana ($1.85), Arkansas ($1.88), Texas ($1.88), Alabama ($1.89), South Carolina ($1.89), Missouri ($1.90), Oklahoma ($1.90), Tennessee ($1.91) and Kansas ($1.97).