With the national average at $2.12, pump prices are, on average, 50-cents less than this time last year. Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22/bbl, a low not seen since 2002. Crude oil accounts for nearly 60% of the retail pump price. When crude is cheap, gas prices follow suit.
“Typically gas prices start to trend more expensive at the beginning of spring, especially as motorists get out to enjoy the warmer weather and travel for spring break. That is not the case this year,” said Jeanette Casselano, AAA spokesperson. “With Americans urged to stay at home and practice social distancing to slow the spread of coronavirus, we are seeing less traffic on the roadways which will ultimately drive down demand, increase gasoline supply and push pump prices less expensive for the foreseeable future.”
Motorists do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.
Across the country, state averages are less than $3/gallon except in Hawaii ($3.47) and California ($3.21). Twenty-nine states have gas price averages at $2.00 or less with Oklahoma ($1.71) carrying the cheapest in the country.
Today’s national average ($2.12) is cheaper on the week (-13 cents), month (-35 cents) and year (-50 cents).
Texas checked in with an average price of $1.85.