Illinois Gas Prices Keep Dropping
Today’s national gas price average is $1.92. That is nine cents cheaper than last Monday, 48 cents less than a month ago and 81 cents less expensive than a year ago.
Plenty of irony in the fact that gas prices are falling, but we've got nearly nowhere to go with that cheap gas.
According to a report from AAA Chicago, on the week, pump prices continued to push less expensive with gasoline demand registering at its lowest point since 1993. The latest Energy Information Administration (EIA) weekly report puts demand at 6.7 million barrels per day, a nearly 30 year low, and it’s likely to push lower as Americans are urged to stay at home at least until the beginning of May.
“This week, market analysts are watching crude oil prices, which started to increase at the end of last week,” said Molly Hart spokesperson for AAA – The Auto Club Group. “However, given the low demand readings, increases in crude aren’t likely to have an impact on gas prices in the near-term.”
In addition to crude oil, market analysts are also watching refinery rates. The U.S. refinery utilization average is down to 82%, a low not seen since September 2017. Given the drop in crude oil and gasoline demand, which is expected to push even lower, refineries are reducing production in hopes this could help to balance the amount of gasoline supply in the country.
Indiana ($1.17) is one of the five Great Lakes and Central States seeing the largest year-over-year savings in the region and the country with pump prices that are at least $1/gallon cheaper.
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