October Starts With Lowest Gas Prices Since 2016

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October Starts With Lowest Gas Prices Since 2016

10/06/2020

NATIONAL REPORT — The national average gas price was $2.18 as of Oct. 5, marking the cheapest start to the month of October since 2016, reported AAA.

The average was the same as one week prior but 4 cents cheaper than the start of September and nearly 50 cents cheaper than one year ago.

Demand on the week was fairly stable at 8.5 million b/d.

"Demand is likely to see some declines in the weeks ahead as drivers traditionally take fewer road trips in the fall," said Jeanette Casselano McGee, AAA spokesperson. "That will mean gas prices are likely to push cheaper throughout the month."

State gas price averages fluctuated by no more than 2 cents in 41 states on the week, reported AAA. Of those states, 38 saw just a 1-cent increase or decrease.

Markets that saw more substantial increases include Florida (9 cents), Delaware (6 cents), New Jersey (6 cents), Washington, D.C. (5 cents), West Virginia (4 cents) and Maryland (3 cents). These states were among those with the largest weekly changes.

States with the largest weekly price drops included Michigan (5 cents), Kentucky (3 cents), Idaho (3 cents) and Indiana (3 cents).

The top 10 least expensive markets in the country are Mississippi ($1.84 per gallon), Texas ($1.85), Arkansas ($1.87), Oklahoma ($1.87), Missouri ($1.87), Louisiana ($1.88), Alabama ($1.89), South Carolina ($1.91), Tennessee ($1.93) and Kansas ($1.95).

AAA noted that crude oil prices dropped dramatically on Oct. 2 due to market concern about increasing coronavirus infections worldwide, which could lower crude demand.

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