With crude oil prices at $30 per barrel, Americans are seeing pump prices plummet across the country, reports AAA. On the week, gas price averages in 35 states decreased by double-digits, pushing the national average to $2.25, the cheapest price point of the year. The national gas price average is 13 cents cheaper on the week and nearly 20 cents less than the beginning of the month. AAA expects gas prices to continue trending cheaper, with the high likelihood of the national average hitting $2/gallon before the end of March.
Some of the largest weekly pump price savings in the country can be found in the Great Lakes and Central states region which includes Nebraska, Iowa and Minnesota. All three states report pump prices have dropped an average of 15 cents a gallon at the retail level during the past week.
During this uncertain time of COVID-19, gas prices are declining despite increasing gasoline demand and decreasing U.S. stock levels. The lowest prices in the country were reported in Oklahoma where the state average for unleaded is $1.92 a gallon. The county of Craig County, OK reports a county average of $1.73 a gallon.
- The nation’s largest weekly decreases were reported in: Ohio (-27 cents), Kentucky (-21 cents), Michigan (-21 cents), Wisconsin (-21 cents), Indiana (-19 cents), Illinois (-19 cents), Oklahoma (-15 cents), Nebraska (-15 cents), Iowa (-15 cents), Maine (-15 cents) and Minnesota (-15 cents).
- The nation’s top 10 least expensive markets are: Oklahoma ($1.92), Texas ($1.96), Mississippi ($1.96), South Carolina ($1.97), Ohio ($1.97), Indiana ($1.97), Missouri ($1.98), Kentucky ($1.99), Louisiana ($2.00) and Alabama ($2.00).