Gas Prices Holding Steady Across The Country

By Benjamin Cox on August 4, 2020 at 12:00pm

Gas price increases have stalled over the last two weeks despite demand somewhat increasing over the previous week.

The national gas price mostly held steady, dropping a penny from last week to $2.17. State averages either decreased by nearly a nickel or only increased by two cents.

Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million barrels per day – the highest its been since pandemic started in mid-March. The Energy Information Administration says that the year-over-year demand is down about 8%.

AAA predicts that there will be some minor fluctuation at prices at the pump in August but there is no expected spike this month especially amid an increase in COVID-19 cases. AAA says gas prices aren’t likely to be effected by the landfall of Tropical Storm Isaias this week in the Carolinas.

Morgan County prices along with Schuyler County remain some of the cheapest in West Central Illinois. The City of Jacksonville’s price saw little to no fluctuation at the pump this week just a pence below $2.19 in average across town. One location has been shuttered due to change in ownership, but likely would have no effect on today’s gas prices in the city. Jacksonville also remains cheaper at the pump despite Springfield’s drop in price this week to $2.26 on average.