AAA reports that the national gas price average has fallen eight cents during the past week alone currently averaging $2.32 a gallon for unleaded. Additional drops are expected to reflect this week’s activity in the U.S. commodities market. Crude oil is currently 47% lower than a year ago now trading at $31 a barrel.
The market plunge is in response to a lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production. The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus.
Processed fuel in the commodities has also fallen substantially now trading below 90 cents a gallon.
A review of all fifty states shows that Texas offers the lowest retail pump prices in the nation at $2.01 a gallon. In Nebraska, prices have retreated eight cents during the past week with unleaded currently averaging $2.25 a gallon. The lowest prices in Nebraska can be found in Colfax County where fuel averages $1.99 a gallon.
For the latest information on fuel prices, visit www.gasprices.AAA.com.