(December 7, 2021) WASHINGTON, D.C. — Pump prices continue to tumble as fears of a possible COVID-19 global economic slowdown pushed oil prices into the mid $60s per barrel—a price not seen since August. Also helping to ease upward pricing pressure was the decision by OPEC and its oil-producing allies not to cut production. The national average for a gallon of gas dipped 4 cents on the week to $3.35. For consumers, gasoline prices were last this low on Oc.T20.

“Consumers may be catching a break at the pump right now, but it’s not for a very good reason,” said Andrew Gross, AAA spokesperson. “A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low.”

On Dec. 2, OPEC and its allies, a group referred to as OPEC+, announced it would stick to its plan, for now, to raise production by 400,000 barrels a day in January. The move was likely in response to the Biden Administration’s call to increase supply to tame high fuel prices.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by more than 4 million bbl to 215,422 million bbl last week. Meanwhile, gasoline demand dipped from 9.3 million barrels a day to 8.8 million barrels a day. The slight decrease in demand contributed to falling prices, while lower crude prices also put downward market pressure on pump prices.

Today’s national average of $3.35 is seven cents less than a month ago and $1.19 more than a year ago.

Quick Stats

The nation’s top 10 largest monthly decreases: Indiana (−21 cents), Michigan (−18 cents), Ohio (−17 cents), Washington, D.C. (−15 cents), Missouri (−14 cents), Texas (−13 cents), Iowa (−13 cents), Kansas (−12 cents), Oklahoma (−12 cents), and South Carolina (−12 cents).

The nation’s top 10 most expensive markets: California ($4.68), Hawaii ($4.34), Nevada ($3.91), Washington ($3.87), Oregon ($3.78), Arizona ($3.77), Alaska ($3.71), Idaho ($3.65), Utah ($3.62) and Pennsylvania ($3.57).