One of the coronavirus pandemic's many economic impacts has been its negative impact on the oil industry — and Americans are seeing one of the side effects in lower gas prices at the pump.

Worldwide lockdowns have gutted the demand for fuel as people cancel trips and the spate of closed businesses and the general economic slowdown has decreased the need for shipments of supplies.

In its "Weekly Petroleum Status Report" posted Wednesday, the U.S. Energy Information Administration revealed that current virus mitigation efforts have led to the lowest U.S. petroleum consumption levels in decades.

Image source: U.S. Energy Information Administration, Weekly Petroleum Status Report, EIA.gov

Between Jan. 31 and March 13, the consumption dropped 31% — and that was before many of the current travel restrictions started, the EIA noted.



U.S. consumption of petroleum products has fallen to its lowest level in decades because of measures that limit travel and because of the general economic slowdown induced by mitigation efforts for the coronavirus disease 2019 (COVID-19). The U.S. Energy Information Administration (EIA) estimates the decline in petroleum product demand by examining the changes in total product supplied, EIA's proxy for consumption. As outlined in EIA's Weekly Petroleum Status Report, published yesterday, total petroleum demand averaged 14.1 million barrels per day (b/d) in the week ending April 17, up slightly from 13.8 million b/d in the previous week—the lowest level in EIA's weekly data series, which dates back to the early 1990s. The most recent value is 31% lower than the 2020 average from January through March 13, or before many of the travel restrictions began.

The fall in demand had led to a glut of supply — to the point that the world is having trouble finding places to put it.

And the markets don't like what they're seeing: Oil prices hit negative territory Monday for the first time in history.

All of this has led to lower gas prices at the pump in every state in the U.S.

The average national price for a gallon of regular gasoline Friday was $1.786, AAA reported. That price is 4.1 cents lower than a week ago, 32.2 cents lower than a month ago, and $1.08 lower than one year ago.

Below are the five states with the lowest gas prices, followed by the five states with the highest prices, according to data published Friday by AAA.

5 STATES WITH LOWEST GAS PRICES

No. 1: Wisconsin ● April 24: $1.193

● Price one week ago: $1.254

● Price one month ago: $1.781

● Price one year ago: $2.830

No. 2: Oklahoma ● April 24: $1.379

● Price one week ago: $1.393

● Price one month ago: $1.698

● Price one year ago: $2.619

No. 3: Ohio ● April 24: $1.392

● Price one week ago: $1.437

● Price one month ago: $1.769

● Price one year ago: $2.743

No. 4: Michigan ● April 24: $1.424

● Price one week ago: $1.481

● Price one month ago: $1.824

● Price one year ago: $2.922

No. 5: Kentucky ● April 24: $1.445

● Price one week ago: $1.484

● Price one month ago: $1.809

● Price one year ago: $2.72

You probably noted that the lowest prices were in the Midwest. The states with the highest prices are in the West.

5 STATES WITH HIGHEST GAS PRICES

No. 1: Hawaii ● April 24: $3.229

● Price one week ago: $3.256

● Price one month ago: $3.440

● Price one year ago: $3.617

No. 2: California ● April 24: $2.774

● Price one week ago: $2.827

● Price one month ago: $3.175

● Price one year ago: $4.037

No. 3: Washington ● April 24: $2.484

● Price one week ago: $2.547

● Price one month ago: $2.872

● Price one year ago: $3.484

No. 4: Oregon ● April 24: $2.434

● Price one week ago: $2.503

● Price one month ago: $2.803

● Price one year ago: $3.381