Local Gas Prices Remain Low As Demand Dips Nationwide

By Benjamin Cox on September 30, 2020 at 10:12am

Local gas prices have stayed under $2.20 all over town for the third week in a row. Gas prices on average are down a penny from one week ago in Jacksonville to $2.16 per gallon. The price is two cents better than the national average at $2.18 a gallon, and nearly 15 cents better than the state average of $2.31. Jacksonville’s prices are also two cents better than Springfield, who’s prices sit at $2.18.

Schuyler County still has the best prices in the region at $2.09 a gallon. However, Morgan, Brown, Scott, and Greene remain below $2.20 at most pumps. The prices all represent steady declines over the last month.

According to Energy Information Administration reports, demand across the country is still well below the average for this time of year by near 850,000 barrels per day. Low demand is helping keep prices low, with cooler weather likely pushing the numbers lower. Molly Hart of AAA says that the Fall sees fewer road trips and that with concerns of the pandemic’s number rebounding, demand may continue to dip.

The pandemic’s resurgence is also being reflected in the crude oil market. Domestic crude prices dipped 6 cents at the end of Friday’s formal trading session to $40.25. According to AAA, there had been some optimism demand could be starting to stabilize after EIA’s latest weekly report revealed that total domestic crude inventories decreased by 1.6 million barrels. For the remainder of this week, crude prices and gas prices could decline further if demand concerns continue to worry the market.