National average gas price holds steady as demand grows slightly

(September 29, 2020) The latest Energy Information Administration (EIA) report measures demand at 8.52 million barrels a day, which is a slight uptick from the previous week’s 8.48 million barrels. However, the small increase is still 850,000 barrels a day lower than last year at this time, AAA reports.

“Low demand, even as gasoline stocks decline, has helped pump prices decline or hold steady on the week,” said Jeanette Casselano, AAA spokesperson. “That is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic.”

Today’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.

Quick Stats

    •     The nation’s top 10 largest weekly changes: Michigan (+10 cents), Ohio (+9 cents), Kentucky (+8 cents), Indiana (+6 cents), New Mexico (+5 cents), South Carolina (+3 cents), North Carolina (+3 cents), Florida (-3 cents), Illinois (+2 cents) and Idaho (+2 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($1.83), Texas ($1.85), Louisiana ($1.87), Missouri ($1.87), Arkansas ($1.87), Oklahoma ($1.89), Alabama ($1.89), Tennessee ($1.92), South Carolina ($1.93) and Kansas ($1.96).