Gas prices hold steady around the country

(August 4, 2020) On the week, the national gas price average held steady at $2.18 as the majority of state averages saw minimal impact at the pump. With the exception of a few outliers —  Florida (+10 cents), Utah (+10 cents) and Idaho (+5 cents) — state averages either decreased by four cents or less or increased by no more than two pennies, according to statistics compiled by AAA. 

Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million barrels a day — the highest reading since the pandemic started. Though, according to the Energy Information Administration (EIA), year-over-year demand is down about 8%.

“This summer is no doubt the cheapest at the pump for motorists in more than a decade. The last two months have yielded a national average of $2.14,” said Jeanette Casselano, AAA spokesperson. “While we expect to see typical fluctuation, August gas prices are not expected to spike, especially amid increases in COVID-19 cases.”

Today’s national average, which is one cent more than last month and 53 cents cheaper than last year, has been largely unaffected by Tropical Storm Isaias. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are not likely to be impacted by Isaias.

Quick Stats

    •    The nation’s top 10 largest weekly changes: Florida (+10 cents), Utah (+10 cents), Idaho (+5 cents), Washington, D.C. (-4 cents), Indiana (-4 cents), Michigan (-2 cents), Ohio (-2 cents), West Virginia (-2 cents), Oklahoma (-2 cents) and Colorado (-2 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($1.82), Louisiana ($1.85), Texas ($1.86), Arkansas ($1.87), Alabama ($1.88), Oklahoma ($1.88), Missouri ($1.89), South Carolina ($1.90), Tennessee ($1.92) and North Carolina ($1.96).