The national average gasoline price dropped to $1.86 following several weekly declines and pushing the average down by 44 cents from a month ago, according to AAA.
The current price level is 6-cents less than last week and nearly $1 less than a year ago, according to a release from AAA.
“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.”
Demand for gasoline in the United States has decreased 44% to 5 million barrels per day (b/d) as gasoline inventories build across the country.
On Sunday, the Organization of the Petroleum Exporting Countries plus (OPEC+), led by Saudi Arabia, announced historic global crude productions cuts – nearly 10 million b/d 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,” said Casselano.
The nation’s largest weekly decreases include Alaska (down 19 cents), Idaho (down 17 cents), Wisconsin (down 13 cents), Iowa (down 11 cents), South Dakota (down 11 cents), Arkansas (down 11 cents), Wyoming (down 11 cents), Minnesota (down 10 cents), Utah (down 10 cents) and Oregon (down 9 cents).
The nation’s least expensive markets include 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).