(May 27, 2020) After dropping to a low of $1.76 in April, the national gas price average is pennies away from hitting the $2/gallon mark. Today’s average is $1.96, which is eight cents higher than a week ago, 19 cents more than last month, but still a significant 87 cents cheaper than the end of May 2019.

The more expensive pump prices can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34 per barrel – since the Administration declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions. While demand has been increasing since the end of April, it is down 28% compared to the first three weeks of May last year.  

“Americans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices — as well as crude oil prices — have been pushing more expensive” said Jeanette Casselano, AAA spokesperson.

“While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year’s season.”

One factor that could cause a sudden spike in gas prices is the Atlantic hurricane season, which is June 1 through Nov. 30. The National Oceanic and Atmospheric Administration predicts the 2020 season will be above-normal, potentially resulting in 13-19 named storms. An average Atlantic hurricanes.

Quick Stats

    •    The nation’s top 10 largest weekly increases are: Colorado (+16 cents), Utah (+15 cents), Kentucky (+14 cents), Idaho (+12 cents), Minnesota (+12 cents), Michigan (+11 cents), North Dakota (+11 cents), Missouri (+11 cents), Indiana (+10 cents) and Delaware (+10 cents). 

    •    The nation’s top 10 largest monthly increases are: Wisconsin (+71 cents), Ohio (+58 cents), Michigan (+55 cents), Indiana (+51 cents), Illinois (+44 cents), Kentucky (+40 cents), Iowa (+40 cents), Minnesota (+33 cents), Idaho (+28 cents) and Oklahoma (+27 cents).