The Shadow
RICHMOND — Gas prices have continued to drop as gas stocks continue to grow, now measuring at the highest stock level recorded by the Energy Information Administration since it began recording the data in 1990.
The national gas price average is $2.51, which is 3 cents cheaper than last week, 4 cents less than last month, and 25 cents more than a year ago.
“Increased total domestic stocks of gasoline have helped to ease pump prices,” said Jeanette Casselano, AAA spokeswoman. “Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”
The nation’s top 10 largest weekly decreases in prices were in: Florida (-8 cents), Michigan (-8 cents), Pennsylvania (-6 cents), South Carolina (-6 cents), Delaware (-5 cents), North Carolina (-5 cents), Maryland (-5 cents), Louisiana (-5 cents), Texas (-4 cents) and West Virginia (-4 cents).
The nation’s top 10 least expensive markets are: Missouri ($2.17), Texas ($2.19), Mississippi ($2.21), Oklahoma and Louisiana ($2.22), South Carolina ($2.23), Arkansas and Kansas ($2.24), Delaware ($2.25) and Alabama ($2.27).
All states in the Mid-Atlantic and Northeast region saw gas prices decrease on the week.
These five states saw the largest declines at the pump in the region and nation: Pennsylvania (-6 cents), Delaware (-5 cents), North Carolina (-5 cents), Maryland (-5 cents) and West Virginia (-4 cents).
Compared to last month, gas prices have seen the most significant declines in: Delaware (-9 cents), North Carolina (-8 cents), West Virginia (-8 cents) and Maryland (-6 cents).
Pump price declines are likely to extend through the end of the month as gasoline stocks continue to grow in the region.
Gasoline stocks have been steadily building since mid-November, paving the way for cheaper gas prices for the region.
Crude oil prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel.
If global travel demand decreases, global crude oil demand would likely follow suit and result in lower global crude oil consumption.
If market concerns regarding the Coronavirus continue to grow this week, crude oil prices could drop further.
