For the last seven weeks, the national gas price has steadily fallen, fueled mostly by a decrease in demand.
The average gas price this week is down to $1.86, according to AAA, 61 cents cheaper than what it was in late February.
“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” said Jeanette Casselano, AAA spokesperson. “Every U.S. region is seeing builds in gasoline inventories and crude storage, which is just driving pump prices even cheaper.”
The average price is 6 cents lower than what it was last week, 44 cents lower than it was a month ago and nearly $1 less than what it was a year ago.
As part of the decrease in demand, the Organization of the Petroleum Exporting Countries plus (OPEC+), led by Saudi Arabia, said they would cut crude oil production by nearly 10 million barrels per day in May and June.
“While the production cut is historic, it’s likely to not have an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic continues to have on crude oil prices and gasoline demand,” added Casselano.
The top 10 states where gas is lowest are Wisconsin ($1.30), Oklahoma ($1.40), Ohio ($1.46), Kentucky ($1.51), Michigan ($1.52), Arkansas ($1.53), Indiana ($1.54), Iowa ($1.55), Mississippi ($1.57), and Missouri ($1.58).