Gasoline continues to drop in price in the US and is likely to fall even more

The price of gasoline continues to fall and will undoubtedly help the prices of many products not to be pressured upwards in the inflationary race. Today a gallon in the United States costs an average of $3,949, says the AAAand many wonder if this trend will continue.

“Falling gas station prices may eventually lead to more drivers getting back on the road,” said Andrew Gross, a spokesman for AAA. “But that hasn’t happened yet. Instead, many drivers wait for prices to drop further before returning to their typical driving habits”.

AAA finds that drivers are making significant changes to cope with high pump prices. In a recent survey, nearly two-thirds of Americans have changed their driving habits or lifestyle since March. The two main driver changes to offset high gas prices are drive less and combine errands to avoid duplicating journeys.

According to data from the Energy Information Administration (EIA), gas demand increased from 8.54 million b/d to 9.12 million b/d last week. However, the rate is 307,000 barrels per day (b/d) lower than last year.. Additionally, total domestic gasoline stocks decreased by 5 million barrels (bbl) to 220.3 million bbl.

AAA notes that while gasoline demand has increased and supplies have shrunk, lower oil prices have helped lower gas station prices. If oil prices drop, drivers are likely to see pump prices fall.

The current national average of $3.94 is 63 cents less than a month agobut 76 cents more than a year ago.

The 10 largest weekly declines in the country:

Maine, -19 cents
– Colorado, -18 cents
– West Virginia, -16 cents

– Arizona, -15 cents
– Illinois, -15 cents
– New Mexico, -14 cents
– Florida, -13 cents
– Nebraska, -13 cents
– Arkansas, -13 cents
– Kansas, -13 cents

The 10 cheapest markets in the country:

Texas, $3.45
– Arkansas, $3.47
– Tennessee, $3.50
– Oklahoma, $3.50
– South Carolina, $3.50

– Georgia, $3.51
– Mississippi, $3.52
–Kansas, $3.53
– Missouri, $3.53
– Al, $3.54

For this week, oil prices could continue to fall if concerns about demand persist, which means that gasoline could continue to fall in price.

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