April 13, 2020 – The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 today. During this timeframe (since late February), U.S. demand for gasoline has decreased 44% to 5 million b/d as gasoline inventories build across the country.
“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” said Molly Hart spokesperson for AAA – The Auto Club Group. “Every U.S. region is seeing builds in gasoline inventories and crude storage, which is just driving pump prices even cheaper.”
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,” added Hart.
At $1.86, today’s national average is 6-cents less than last week, 44-cents cheaper than a month ago and nearly $1 less than a year ago.
|
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
|
National |
$1.862 | $1.866 | $1.929 | $2.303 | $2.823 |
|
Chicago Metro |
$2.020 | $2.025 | $2.089 | $2.507 | $3.102 |
|
Chicago City |
$2.240 | $2.235 | $2.319 | $2.798 | $3.306 |
|
Bloomington |
$1.707 | $1.702 | $1.730 | $2.076 | $2.794 |
|
Champaign |
$1.901 | $1.908 | $1.966 | $2.277 | $2.787 |
|
Peoria |
$1.891 | $1.894 | $1.964 | $2.368 | $2.753 |
|
Rockford |
$1.682 | $1.688 | $1.757 | $2.240 | $2.814 |
|
Springfield |
$1.476 | $1.495 | $1.580 | $2.079 | $2.854 |
|
Fort Wayne, IN |
$1.421 | $1.425 | $1.527 | $1.972 | $2.913 |
|
South Bend IN |
$1.346 | $1.345 | $1.425 | $1.933 | $2.921 |
Click here to view current gasoline price averages
