An American Automobile Association (AAA) report maintains fuel pump prices continue to decline, with demand registering its lowest point since 1993.
According to the AAA analysis, the national gas price average of $1.92 is $0.48 less than a month ago and $0.81 less expensive than a year ago. The Energy Information Administration’s (EIA) most recent weekly report places demand at 6.7 million barrels per day – representing a nearly 30 year low.
“This week, market analysts are watching crude oil prices, which started to increase at the end of last week,” Jeanette Casselano, AAA spokesperson, said. “However, given the low demand readings, increases in crude aren’t likely to have an impact on gas prices in the near-term.”
Officials indicated domestic refinery utilization average is at 82 percent – a low not seen since September 2017. Refineries are reducing production as a means of balancing the nation’s gasoline supply.
The analysis revealed Wisconsin led the states with the top 10 largest weekly decreases, followed by Vermont, Idaho, Alaska, Iowa, Kentucky, Arkansas, Ohio, Michigan, and Arizona.
Wisconsin was also atop the nation’s top 10 least expensive markets, joining Oklahoma, Ohio, Kentucky, Michigan, Indiana, Mississippi, Arkansas, Texas, and Iowa.
The AAA said motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android.