HEATHROW, Fla., and LAWRENCEVILLE, Ga. -

AAA reported on Monday that the nationwide average price for a gallon of gas stood at $2.38 with some locations like Texas, Oklahoma and Mississippi approaching the $2 mark. That’s the lowest cost at the pump in more than a year, according to AAA.

As a result, Black Book is seeing values for fuel-efficient vehicles soften, especially compact cars. Black Book vice president of automotive valuations Laura Wehunt elaborated about the trends in this week’s Market Insights report released on Tuesday.

“As prices at the pump continue to trend downward, we are seeing the price-sensitive compact and mid-size car segments trending downward also,” Wehunt said in the report.

Black Book’s volume-weighted information showed overall car segment values decreased by 0.11% this past week. The downward movement comes on the heels of three out of the previous four weeks when analysts noticed value upticks for cars.

Those compact cars paced the declines as Black Book pegged it at 0.44%.

“Compacts had a strong January, but decreased in value throughout the majority of February and appear to be following the same pattern for March,” analysts said.

Again according to volume-weighted data, Black Book determined overall truck segment values (including pickups, SUVs, and vans) edged lower by just 0.03% last week, consistent with the 0.01% truck depreciation reported during the prior week.

In contrast to cars, analysts indicated the compact and sub-compact crossover segments both experienced week-over-week gains, climbing 0.15% and 0.29%, respectively.

Turning next to observations from Black Book’s representatives stationed at nearly 60 sales nationwide, the anecdotes reflected what many dealers might be experiencing. Here is the rundown:

— From Georgia: “The attendance was OK, but the sold rate was down and was most noticeable in the dealer lanes. One of the ringmen stated that the floors seemed high, and they weren’t willing to lower them.”

— From Michigan: “The wholesale market is showing very small signs of improvement which is mirroring our retail market.”

— From California: “There is such a heavy demand for the high CR vehicles that most of them sell for really strong money.”

Will gas prices suddenly reverse, making those fuel-efficient vehicles more attractive to potential buyers? AAA isn’t suspecting such a development at the pump arriving soon.

“Crude prices plunged at the end of last week after OPEC and other major crude producers, including Russia, failed to set a new production reduction agreement amid mounting global crude demand concerns caused by COVID-19,” AAA said in a news release. “The rapid decline in crude prices has increased market concerns that an oil price war may breakout this week between major crude producers, contributing to further economic troubles worldwide as crude prices continue to drop dramatically.

“Moreover, the market continues to worry that the impact of COVID-19 will lead to a reduction in global economic growth and global travel with crude demand expected to decrease,” AAA continued. “Until it appears that the international public health threat from the virus decreases, crude prices are likely to continue facing significant downward pressure.”