Gas Demand Positioned to Weaken

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Gas Demand Positioned to Weaken

11/11/2020
Gas prices decline

NATIONAL REPORT — The national average gas price fell by 1 cent on the week to $2.11 per gallon as of Nov. 11, following an increase in gasoline stocks and drop in demand, reported AAA.

This is 7 cents cheaper than one month ago and 51 cents cheaper than one year ago.

According to the most recent Energy Information Administration report, gasoline stocks increased by 1.5 million barrels to a total of 227.6 million barrels, while demand fell to 8.3 million barrels per day.

"As some states increase travel restrictions and others roll back reopening processes, demand is positioned to weaken, though not likely drop as low as we saw in March and April," said Jeanette Casselano McGee, AAA spokesperson. "That translates to a continuation of cheaper gas prices at the pump."

The continuing low prices for crude oil, combined with low demand, serve as a major contributor to low gas prices across the United States.

Only four markets saw gas prices increase from the week prior, including Indiana (6 cents), Ohio (6 cents) and Illinois (2 cents) and Washington, D.C. (1 cent.)

Gas price averages in most states continue to trend cheaper, with nearly 20 states reporting an average at least three cents cheaper than the previous week, according to AAA.

The largest weekly price drops occurred in Delaware (7 cents), Michigan (4 cents), Florida (4 cents), Texas (4 cents), Maryland (4 cents), Kentucky (4 cents), Georgia (4 cents) and Missouri (3 cents).

The current top 10 least expensive markets are Missouri ($1.76), Texas ($1.77), Mississippi ($1.78), Oklahoma ($1.78), South Carolina ($1.81), Arkansas ($1.81), Louisiana ($1.83), Alabama ($1.84), Tennessee ($1.85) and Kansas ($1.88).

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