Maine gas prices continue steep decline

Nick Sambides Jr. | BDN
Nick Sambides Jr. | BDN
Motorists refill at this gas station in Blue Hill in this March 30, 2020, file photo.
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The average price of a gallon of gas is down 71.1 cents from a year earlier.
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Mainers are shelling out less money at the pump as gas prices have plummeted amid the coronavirus pandemic and a global supply glut.

The average price for a gallon of gas fell 3.9 cents last week to $1.88, according to the website GasBuddy. That’s down 49.1 cents from a month ago and 71.1 cents from a year earlier.

Prices at the pump ranged from a low of $1.23 a gallon up to a high of $3.21 cents, according to GasBuddy.

Nationally, the average price for a gallon of gas is $1.91, down 5.7 cents from a week ago and 84.3 cents for the year.

“The national average continues to fall as every state has seen yet another decline in average gas prices over the last week as overall oil demand remains constrained due to COVID-19,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said referring to the illness caused by the coronavirus.

That could change depending on the outcome of talks between oil producers Russia and Saudi Arabia, DeHaan said. The two nations have been in a month-long price war since they failed to reach a deal to cut production amid a global drop in demand, according to the BBC. A meeting to broker a deal was pushed back from Monday to Thursday, meaning the volatility will continue into the week.

“If there is an oil production cut, it may establish a floor to oil prices, but motorists need not worry,” DeHaan said. “If there is a cut, it is highly unlikely to cause a surge in gas prices, as retail prices have not come close to matching the declines in wholesale prices to this point.”

Maine prices also are the lowest in New England, compared with Connecticut’s $2.06 a gallon, Rhode Island’s $2.06, Vermont’s $2.03, Massachusetts’ $2.03 and New Hampshire’s $1.95, according to GasBuddy.

 


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