Gas Prices Stay Steady In Region

By Benjamin Cox on July 21, 2020 at 4:14pm

Gas prices held steady nationwide and some Jacksonville motorists saw a slight decrease in some places.

The national gas price average held steady on the week at $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.

Jacksonville’s average cost at the pump dropped two cents to $2.20 per gallon. 9 out of 15 locations in Jacksonville saw a decline in price at the pump over the week. All but 3 locations were under $2.20 per gallon. Jacksonville’s price was still 7 cents better than Springfield’s price at the pump which stand at $2.27 this week.

Morgan, Brown, and Schuyler counties all held the best prices in the region with averages less than $2.25 per gallon. Statewide, the average price dropped by 3 cents to $2.37 a gallon this week.

At 8.6 million barrels per day in demand, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.

Despite the national outlook, the Upper Midwest’s gas stocks built for the first time since mid-June, which is likely the contributing factor in the cheaper to steady prices at the pump this week. With a 700,000 barrel add to stocks this week, total levels now set at 51.2 million, which according to the EIA is about average for this time of year.