OMAHA – The Auto Club Group is reporting that the national average for a gallon of regular gasoline has decreased a nickel a gallon to $1.87 this past week.
According to a release from AAA over the weekend, Americans continue to social distance and have pushed pump prices even lower.
In its latest weekly report, the Energy Information Administration saw that gas demand plunged to 5.1 million barrels per day from the previous week’s rate of 6.7 million b/d. With gasoline demand across the country running near a 30-year low, refineries are reducing production in hopes of balancing supply.
Americans are expected to remain at home in the weeks ahead as demand for gas will likely continue to see a decline alongside pump prices. Some states the drop in prices has been dramatic with motorists saving a dollar or more per gallon compared to retail pump prices of a year ago.
The lowest prices in the nation can be found in Wisconsin where the state average is currently $1.34 a gallon.
Crude prices have remained volatile following this past week’s announcement of a tentative crude production reduction agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other major crude oil producers, including Russia. Final details are still pending but the collective effort is expected to cut global crude production by 10 million b/d for May and June 2020.
For more information on gas prices, visit AAA.com/gas.
Fuel price averages for unleaded fuel in Nebraska and other Midwest states:
4/11/2020 (first column) 4/11/2019 (2nd column) Year-to-Year Variance (final column)
Nebraska $1.76 $2.69 93 cents
South Dakota $1.77 $2.71 94 cents
Iowa $1.58 $2.66 $1.08
Kansas $1.63 $2.58 95 cents
Colorado $1.84 $2.61 77 cents
Minnesota $1.67 $2.67 $1.00
Missouri $1.59 $2.55 96 cents