Americans enjoyed these vacations with gasoline that was a little cheaper than expected and for the well-being of their wallets, fuel continues to drop and today stands at an average of $3.52 dollars per gallon, according to the report by AAA Gas Prices.
The price at pumps fell 16 cents last week, marking the steepest weekly drop since early August, nearly four months ago.
This decrease is influenced by the drop in the price of oil due to fears of an economic slowdown, which is why the national average for a gallon of gasoline today is $3.66 dollars, 28 cents less than a month ago and 12 cents more than a year ago.
“Gas prices are falling across the country, and some of the largest decreases will they are producing on the west coast”, commented Andrew Gross, AAA spokesman.
“But the West is also the one that can fall the most because its prices are very high. For example, California is still $1.52 higher than the national average.”
States with the largest weekly declines in the country:
– Alaska, -33 cents
– North Dakota, -17 cents
– Nevada, -17 cents
– Oregon, -17 cents– Illinois, -17 cents– Michigan, – 17 cents
Markets with cheapest gas:
– Texas, $2.76– Mississippi, $3.12
– Oklahoma, $3.02
–Arkansas, $3.03
–Georgia, $3.03–Louisiana. $3.02 – Tennessee, $3.12
–Missouri, $3.12
At the close of In the formal trading session on Friday, WTI declined $1.52 to settle at $74.28. Prices fell as the market is concerned that demand for oil may decline due to rising economic concerns. For this week, persistent concerns that economic growth could stall or reverse could push prices lower.
On the other hand, data from the Energy Information Administration (EIA), indicate that gas demand fell from 8.76 million to 8.33 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by more than 3 million barrels to 2022 million barrels. The increase in supply and the lower number of drivers refueling have lowered pump prices. As demand remains low and stocks grow, drivers are likely to see pump prices continue to fall.
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