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Gas prices have dropped nationwide. Here are the 5 states with the lowest prices — and the 5 with the highest.

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

No. 5: Nevada

? April 24: $2.350
? Price one week ago: $2.408

? Price one month ago: $2.734

? Price one year ago: $3.373












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VIDEO: Negative oil prices, EXPLAINED

On Monday, oil prices dropped below $0 for the first time in history. As the coronavirus pandemic has caused global demand for oil to hit rock-bottom, oil speculators have been forced to pay traders to take the oil off their hands.

So, why are negative gas prices a bad thing? On the radio program Tuesday, Glenn Beck broke down exactly what happened, who’s to blame, and most importantly, how this will affect our already crumbling U.S. economy.

Watch the video below for all the details:

In response to the COVID-19 crisis, BlazeTV is offering our BIGGEST discount ever! Get $30 off your subscription when you use promo code GLENN.

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

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SAVAGE SELL-OFF RETURNS: Death Cases Explode – LIQUIDATION!

This article was contributed by our James Davis of Future Money Trends. 

Throughout this weekend I’ve had a chance to TRULY sit down with the data and process the TANTALIZING and UNMATCHED actions taken by both the world’s central banks and governments to COUNTER the blows of the forced-upon quarantines, curfews, and shutdown of non-essential businesses WORLDWIDE.

It should be CRYSTAL CLEAR to you by now that our fiat monetary system ONLY works if borrowers can service the debts they undertake and if central banks continue papering-over mistakes until the whole thing CRASHES by the force of its weight.

Once loan servicing becomes OUT OF REACH, everything and everyone, no matter how frugal, patient, or mindful they’ve been in their own lives with their finances, GETS HURT by the impending train wreck.

All of the world’s assets are priced based on the level of optimism displayed by our collective sentiment. When times are good and someone feels that their business is doing well, one may originate a mortgage, take their family on vacations, dine out, and enjoy recreational activities.

When things look like the chart below, though, “things” are worthless:

Courtesy: U.S. Global Investors

 

When an event the size of the global pandemic we have with the COVID-19 disease erupts, ALL BETS ARE OFF. Our system, this fractional reserve lending debt bubble, ONLY functions in times of expansion. It suffers from an almost IMMEDIATE cracking effect the first second something holds back the wheels of the Ponzi-like scheme of fiat monetary banking.

This system clearly ISN’T FAIR. If a government can simply decide to take on $4T of sovereign debt by CASTING A SENATE VOTE and a central bank can SIMPLY make asset purchases by issuing a SEEMINGLY infinite amount of currency units, we should be SERIOUSLY QUESTIONING the validity of this structure continuing much longer.

This is the most critical week since the Covid-19 disease was declared a pandemic. In the U.S. alone, there are over 110,000 REPORTED CASES and that means that the real NUMBER is probably in the neighborhood of double or even TRIPLE that amount.

10% of Americans now say they know someone who carries the disease.

Both the federal government and the non-Federal Reserve Bank have LAUNCHED stimulus packages, which are far and above anything the world has ever witnessed before.

Trillions have been announced and trillions have ALREADY been invested, so if we don’t want to see $12 trillion of our money, our children’s money and our country’s money GO DOWN THE DRAIN, the government must flatten the curve this week or face a disastrous outcome.

We don’t have to look at the numbers to understand whether or not this is more lethal than the seasonal flu, but we have to treat it like it is. Even if the mortality rate is 1%, the TOTAL number of people catching it is huge.

There are over 30,000 deaths worldwide thus far and the reported number of cases is closing in on 700,000. We can assume that the number is probably over 5,000,000 and growing. The measures taken to stop the spread are ADMIRABLE.

Never did I think that we would see a time when virtually all of the resources at our race’s disposal would be devoted to defeat one problem, yet here we are.

Courtesy: Zerohedge.com

 

This pandemic is so ECONOMICALLY disruptive that even after all of the bailouts were announced, banks still DON’T trust each other and still charge EXTREMELY high rates from counterparties in overnight lending.

We have entire countries where citizens are staying at home in nearly 150 nationalities.

Before the world’s governments begin to release the masses into society, the healthcare system must be ready to absorb the increasing number of patients, since what my sources are telling me is that some hospitals have so few respirators that patients have to sign a waiver, stating they understand that they might not receive one.

It’s that bad in some areas.

Therefore, once every American PERSONALLY knows at least one family member, friend or co-worker who is fighting for his life, the working thesis is that the baby boomers will begin liquidating their portfolios in droves.

Courtesy: Zerohedge.com

Therefore, the Federal Reserve is buying a gargantuan quantity of stocks, bonds, and mortgages. After 2008, we all KNEW that in the next crisis the FED would be unstoppable since the markets are ADDICTED to it.

The more DELUSIONAL the system – where governments borrow at 0% from other governments, their own central banks or the public – the more STUPIDLY HURTFUL the inevitable JUBILEE or DEFAULT will be.

The more we wait, the more this mess will come back to bite us hard.

We simply have a screwed up system, which we inherited from Richard Nixon’s decision to take everyone off the gold standard in 1971.

Courtesy: U.S. Global Investors

The price of oil has CRATERED so badly that the energy industry is on the verge of mass bankruptcies if it isn’t restructured.

As you can see, gold has been such a key asset to own.

In the weeks ahead, as corporations and everyday Americans receive the bailouts, I expect the dollar to fall so hard that it won’t KNOW WHAT HIT IT!

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Grassley Floats Targeted Tax Relief In Response To Coronavirus

This article was originally published by Tyler Durden at ZeroHedge. 

Update: Senate Finance Committee Chairman Chuck Grassley (R-IA) is exploring tax relief to mitigate the impact of coronavirus.

“While we continue to assess the economic impacts, Chairman Grassley is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus,” said a Grassley spokesperson. “Several options within the committee’s jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy.”

Shortly after we posted a prediction from Goldman’s David Mericle that the government and/or the Fed will need to immediately step in with monetary and fiscal stimuli to try and manage the recent chaos in the markets, VOA’s Steve Herman reports that the White House will be holding a meeting to discuss economic stimulus later this afternoon. The meeting will include Treasury Secretary Mnuchin and the economic team.

Trump, meanwhile, is blaming an oil-driven spat between Saudi Arabia and Russia – not coronavirus fears – as “the reason for the market drop!

To review some of the options on the table, according to Goldman:

Beyond funding for virus testing and treatment, the most direct avenue is aid to corporates and small businesses, especially in sectors hit by the virus shock. A US precedent is the post-9/11 help for the airline industry, which involved $5bn in direct payments and up to $10bn in loan guarantees.

Another avenue—at least in the US where the central bank is very limited in what it can legally buy—is for the Treasury to backstop credit easing facilities for the Fed; however, it would probably take a material further deterioration in market conditions and functioning for such facilities to be reestablished.

On the Fed side, Goldman expects easing in March and April, with 100bp on the table. That said, it may have limited impact given where rates already are.

So far there’s been virtually no reaction to news of the meeting.

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