Local gas prices continue to hover around $1.60 per gallon. The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 today. Since late February, U.S. demand for gasoline has decreased 44% to 5 million barrels according to AAA Weekly Gas Gauge. The U.S., Mexico, Russia, and Saudi Arabia cut a historic oil output deal over the weekend to help stabilize the oil market. The nations will cut the global petroleum output by 10%. OPEC+ will cut 9.7 million barrels a day, according to Bloomberg News. The brokered deal is trying to offset the demand decline not seen since 1968.
Molly Hart of AAA says the deal is not likely to have much effect on U.S. Gas prices with the ongoing COVID-19 pandemic. Jacksonville’s average is slightly higher than Springfield’s average of $1.47. The prices today represent an 11 cent drop in the region since last week.
