Gas Prices Dip As Demand Slows and Overseas Price War Drives Down Cost of Crude

By Benjamin Cox on March 23, 2020 at 2:08pm

Motorists don’t need to rush to the gas pumps in the local area. There is ample gasoline supply in the United States due to an ongoing price battle between Russia and Saudi Arabia overseas. Crude oil prices dipped to $22 a barrel. According to AAA, the price is the lowest its been since 2002. The national gasoline price is $2.12 and the push for social distancing across the country, the demand for gasoline continues to trend downward. Every state in the Great Lakes and Central States saw gas prices decrease by double-digits on the week.

Despite two weeks of declining stocks, gas prices are expected to push cheaper in the week ahead due to anticipated dip in demand and falling crude oil prices. In Jacksonville’s 15 gas stations, prices were well below the national rate with an average of $1.90 a gallon. However, gas remains cheaper by 10 cents a gallon in Springfield at $1.80 a gallon. The Energy Information Administration said gas stocks drew by `1.2 million barrels dropping the region’s gas stocks to 57 million in reserve. Despite the drop, the price decline is likely expected through the end of the first quarter of the year.