National Gas Price Average More Than $1 Gallon Cheaper Than a Year Ago

By  //  April 27, 2020

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Despite lower run rates amid low demand, gasoline stocks increased

On the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03/gallon. (AAA image)

BREVARD COUNTY, FLORIDA – On the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03/gallon.

Twenty states have pump price averages that are $1/gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark.

“One in four U.S. gas stations is selling gas for $1.49 or less,” said Jeanette Casselano, AAA spokesperson.

“Even with regional refinery rates dropping, we will continue to see gas prices decrease though potentially at a slower rate than the past few weeks.”

On the week, U.S. gasoline demand was stable at 5.1 million b/d as refinery rates dipped down to 69%, a level not reported by the Energy Information Administration (EIA) in more than a decade.

Despite lower run rates amid low demand, gasoline stocks increased. Total U.S. stock levels measure at a record 262 million bbl – the highest weekly domestic stock level ever recorded by EIA, since it began reporting the data in 1990.

The nation’s top 10 largest weekly decreases are: Alaska (-10 cents), Idaho (-10 cents), Wisconsin (-8 cents), Nevada (-7 cents), Arizona (-7 cents), Minnesota (-7 cents), Washington (-7 cents), Kansas (-7 cents), California (-6 cents) and Michigan (-6 cents).

The nation’s top 10 least expensive markets are: Wisconsin ($1.22), Oklahoma ($1.38), Ohio ($1.41), Michigan ($1.46), Kentucky ($1.46), Arkansas ($1.47), Indiana ($1.48), Iowa ($1.49), Missouri ($1.52) and Mississippi ($1.53).

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Twenty states have pump price averages that are $1/gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark. (AAA image)
Despite lower run rates amid low demand, gasoline stocks increased. Total U.S. stock levels measure at a record 262 million bbl – the highest weekly domestic stock level ever recorded by EIA, since it began reporting the data in 1990. (AAA image)

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