Tumbling gasoline prices may start to slow as gradual production declines fall more in pace with demand, experts suggest.
For the week of April 20, AAA reported the national average gas price fell 5 cents, dropping the year-over-year price down to $1.03 per gallon. On April 20, at least 20 states reported the average price for regular self-serve unleaded gasoline was $1 less per gallon when compared to the same time last year.
“One in four U.S. gas stations is selling gas for $1.49 or less,” said Jeanette Casselano, AAA spokesperson. “Even with regional refinery rates dropping, we will continue to see gas prices decrease though potentially at a slower rate than the past few weeks.”
Indiana’s average price for regular unleaded fuel April 23 was $1.46, $1.35 less than the same day last year. Average gas price nationally on April 23 was $1.79.
U.S. gasoline demand for regular unleaded fuel stabilized the week beginning April 20, AAA said. The country’s consumption averaged 5.1 million barrels per day as refinery rates dipped down to 69%, a level not reported by the Energy Information Administration in more than a decade.
Despite lower run rates amid low demand, gasoline stocks increased, AAA said. Total U.S. stock levels measure at a record 262 million barrels – the highest weekly domestic stock level ever recorded by EIA, since it began reporting the data in 1990.
The nation’s top 10 largest weekly decreases: Alaska (-10 cents), Idaho (-10 cents), Wisconsin (-8 cents), Nevada (-7 cents), Arizona (-7 cents), Minnesota (-7 cents), Washington (-7 cents), Kansas (-7 cents), California (-6 cents) and Michigan (-6 cents).
The nation’s top 10 least expensive markets: Wisconsin ($1.22), Oklahoma ($1.38), Ohio ($1.41), Michigan ($1.46), Kentucky ($1.46), Arkansas ($1.47), Indiana ($1.48), Iowa ($1.49), Missouri ($1.52) and Mississippi ($1.53).