While the North Dakota gas average is unchanged from one week ago ($2.34), it is now one penny less than this time last year. Gas prices have not been cheaper year-over-year since November 30 of last year.
Since Feb. 1, the statewide gas average has gone from 26 cents more expensive year-over-year to one cent cheaper. The recent drop in prices can be attributed to healthy inventory levels and cheaper crude oil prices; however, refinery maintenance season and the upcoming switchover to summer-blend gasoline could break the downward trend in coming weeks, according to AAA.
Oil prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus. The market continues to worry the impact of the virus will lead to a reduction in global economic growth and travel, resulting in a decrease in demand for oil.
For more information on fuel prices, visit AAA.com/Gas.