As COVID-19 case numbers surpass the 4-million mark nationwide, demand for gasoline is weakening across the country. The latest Energy Information Administration demand reading measures at 8.5 million barrels/day, which is about 11 percent less than a year ago, according to a release from AAA.
The lower demand contributed to a cheaper national average on the week—down one penny to $2.18. This is the first time since late April that the national average has declined.
“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Holly Dalby, AAA Tidewater Virginia Director of Public Affairs. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”
Monday’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70 percent of gas stations across the country.
Motoris...