Putting cows on the front page since 1885.

Gas Pump Savings Seen Across USA

Crude oil prices recently hit a four-year low amid OPEC disagreement and coronavirus concerns.

The national gas price average is cheaper on the week (minus 5 cents), month (minus 5 cents) and year (minus 9 cents) – giving the vast majority of motorists savings at the pump.

At $2.38, the national gas price average has not been this cheap since last February.

“For the third week, U.S. gasoline stocks decreased while demand increased. Generally, growing demand amid declining stocks causes increases at the pump, but crude oil prices have dipped to four-year lows, signaling spring could be cheaper at the pump,” said Jeanette Casselano, AAA spokesperson.

When the global markets opened on Sunday evening, March 8, West Texas Intermediate (WTI) crude oil prices dipped below $30 a barrel for the first time since 2016.

The market plunge is in response to a lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production. The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus.

The nation’s top 10 largest weekly price decreases are: Indiana (minus 12 cents), Michigan (minus 11 cents), Illinois (minus 11 cents), Delaware (minus 8 cents), Iowa (minus 7 cents), and Florida (minus 7 cents), South Carolina (minus 7 cents), Oklahoma (minus 7 cents), Wisconsin (minus 6 cents) and Missouri (minus 6 cents).

The nation’s top 10 least expensive markets are: Texas ($2.06), Mississippi ($2.07), Oklahoma ($2.07), South Carolina ($2.09), Louisiana ($2.10), Missouri ($2.10), Alabama ($2.11), Arkansas ($2.13), Kansas ($2.14) and Tennessee ($2.16).

 

Reader Comments(0)