Rockford Could Be Looking At $2 A Gallon Gas By Year’s End
It appears that all the COVID-19 lockdowns happening around the globe have had a side benefit to consumers. Crude oil prices have dropped to their lowest numbers since June.
In comparison, last year at this time crude was pricing at about $20/bbl (an abbreviation for oilfield barrel, a volume of 42 US gallons) more expensive.
So, how does that benefit the Rockford area gas-pumping motorist?
AAA Chicago says that as crude prices decreased last week, the U.S. saw fluctuation in gasoline demand and supply. Demand increased from 8.2 million b/d (barrels per day) to 8.5 million b/d while supply decreased 90,000 b/d to 226 million bbl. Despite the jump in demand, people across the country are paying less to fill up. The national average pushed four cents cheaper to $2.12, while every state except South Dakota (their price went up a penny) saw gas prices hold steady or decrease.
As we've talked about before, most people are not logging the miles this year as they've done in previous years. So, while you're staying put, gas prices drop.
Molly Hart, spokesperson for AAA:
Across the country, state gas price averages are cheaper on the month and the week. Today, motorists can find gas for $2/gallon or less at 52% of gas stations. The national gas price average at the start of November has not been this cheap since 2004. If crude oil continues to push cheaper, we could see the national average drop below $2/gallon before the end of the year.
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