Demand for gasoline in the U.S. continues to shrink as COVID-19 cases climb. The softer demand should put downward pressure on pump prices, but they haven’t declined in most states yet because crude oil prices have risen.
For the week, the national average for regular adds a penny to $2.17 a gallon. The Oregon average ticks down half a cent to $2.58.
U.S. gasoline demand is measured at 7.6 million barrels per day for the week ending Dec. 4 — this marks four straight weeks of declines and is the lowest reading since the end of May when many states were locked down due to the coronavirus pandemic. Demand was 8.7 million barrels per day for the week ending Nov. 6, according to the U.S. Energy Information Administration.
“Gasoline demand is down 14 percent year-over-year. Americans are driving less as many states including Oregon reimpose restrictions and advisories to combat the rise of COVID-19 cases,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The low demand, healthy supplies and the spike in coronavirus cases will continue to keep pump prices low for the coming weeks.”
Oregon is one of 12 states with lower prices now than a week ago. Prices in 48 states and the District of Columbia have changed by a nickel or less in the last week. Kentucky (-3 cents) has the largest weekly decline. Iowa (+6 cents) has the biggest week-over-week gain. The average in Wyoming is flat.
For the 27th week in a row, Hawaii ($3.28) and California ($3.18) are the only two states in the nation with an average at or above $3 a gallon.
The cheapest gas in the nation can be found in Mississippi ($1.86) and Missouri ($1.87). This is the 40th week in a row that one or more states has an average below $2 a gallon. In all, 13 states are below that benchmark, down from 14 a week ago.
Oregon is one of eight states with lower prices now than a month ago. The national average is a nickel more and the Oregon average is a penny less than a month ago.
