Like the leaves, gas prices slowly falling

Like the leaves, gas prices slowly falling

(As originally published, Thu, October 19th 2023, 3:03 PM EDT)

WASHINGTON (TND) — The price to fill up has been dropping like the leaves, this fall. That’s despite global tensions causing ripples through the oil market.

Thursday, AAA reported the average price of a gallon of regular gas was $3.565.

That’s 1 cent lower than Wednesday, 8 cents lower than a week ago, 32 cents lower than a month ago, and 29 cents lower than a year ago.

The price of $3.88 a month ago was the highest this year, and drivers are saving about $5 every time they fuel up.

According to AAA, these states had the largest decrease over the past week:

  • California (−18 cents),
  • Arizona (−16 cents),
  • Alaska (−14 cents),
  • Florida (−12 cents),
  • Washington (−12 cents),
  • Nevada (−12 cents),
  • Oregon (−11 cents),
  • Utah (−11 cents),
  • Minnesota (−11 cents), and
  • Texas (−11 cents).

And these are the least expensive states to fill up:

  • Georgia ($3.03),
  • Texas ($3.03),
  • Mississippi ($3.04),
  • Alabama ($3.09),
  • Louisiana ($3.10),
  • Delaware ($3.10),
  • South Carolina ($3.10),
  • Tennessee ($3.11),
  • Arkansas ($3.15), and
  • Kentucky ($3.18).

AAA reports gasoline prices tend to go down in the fall. Summer vacations are over, so demand lessens.

But this year, the price is dropping a bit slower than usual.

“While gas prices are falling about a penny a day, that feels like a glacial pace,” AAA spokesperson Andrew Gross said. “The oil market is watching to see if the war between Israel and Hamas widens, so the price is stuck at a rather elevated price in the mid-$80s per barrel. This, in turn, is slowing the decline in gas prices.”

On the other hand, the Energy Information Administration reported gas demand increased from 8.58 to 8.94 million barrels a day last week.

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