Gasoline down a penny per gallon in MA

Andrew Cummings
February 5, 2020

Coronavirus fears are driving down gas prices nationwide.

The report shows the average gallon of gas in Florida cost $2.37 on Sunday, seven cents lower from the start of last week and 10 cents lower than the national average.

"Increased total domestic stocks of gasoline have helped to ease pump price", said Montrae Waiters, spokeswoman, AAA - The Auto Club Group.

Almost 5,000 stations are now selling gasoline under $2 per gallon, a critical psychological level, while some 17 states have at least one gas station under the mark.

Gas prices continue to drop across the country and region. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million barrels- the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990. Those gas stations are mostly found in the South and Southeast. Today's national average is 11 cents less than this time last month, but 22 cents more expensive than previous year.

At the close of Friday's formal trading session on the NYMEX, West Texas Intermediate dropped by 58 cents to settle at $51.56. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. The lowest price in the state today is $2.02/g while the highest is $3.99/g, a difference of $1.97/g.

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