Oil prices closed at their lowest mark in 21 years yesterday. Today, they have rebounded somewhat amid a growing lack of demand on the market. Jacksonville residents haven’t seen much local effect at the gas pump. Jacksonville’s cost for a gallon of gas has dropped by 7 cents since last week. Today’s current cost for a gallon of gas in town sets at $1.53, down from $1.60 one week ago.
AAA says on the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03 per gallon. Today, 20 states have pump price averages that are $1 per gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark. Nearly a quarter of the nation’s gas stations are selling gas for a $1.49 or cheaper. U.S. gasoline demand has stayed steady over the week despite the continued stay-at-home order in several states with 5.1 million barrels per day.
National refinery rates have dipped down to 69%, a level that’s not been reported by the Energy Information Administration in more than a decade. Stocks in the U.S. have raised despite the decreased production to a record level of 262 million barrels – the highest weekly domestic stock level ever recorded since the EIA began reporting information in 1990. Jacksonville prices remains slightly higher than nearby Springfield’s cost at the pump at a $1.42. Springfield’s prices dropped by a nickel from one week ago.