The average gas price reached $3.53 per gallon by the week ending on October 26, marking a three-cent decrease from the previous week, as stated in the latest AAA report. On average, pump prices are currently 30 cents lower than they were a month ago and 23 cents lower compared to a year earlier.
The ongoing decrease in gas prices is progressing slowly, primarily due to the persistently high oil prices. This trend was highlighted as oil prices edged up on Wednesday amidst Israel’s preparations for ground operations in Gaza.
According to AAA spokesperson Andrew Gross, “The oil market remains highly responsive to global events, and concerns regarding an escalating conflict in the Middle East are currently sustaining elevated oil prices. On the domestic front, drivers are likely to observe a continued gradual decline in pump prices as we approach the holiday season.”
At the close of Wednesday’s formal trading session, the West Texas Intermediate (WTI), an oil price benchmark, saw an increase of $1.65, reaching $85.29. According to recent data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.86 million barrels per day last week. AAA anticipates that drivers may experience further relief at the pump in the upcoming weeks if oil prices continue to decrease.
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A Brief Overview of Average Gas Prices in the U.S. Recent data from AAA reveals the ten states that have experienced the most significant declines in their average gas prices since last Thursday. The figures are as follows:
California (-17 cents) Arizona (-15 cents) Alaska (-11 cents) Washington (-10 cents) Nevada (-9 cents) Utah (-8 cents) Oregon (-8 cents) Michigan (-7 cents) Wyoming (-6 cents) Ohio (-6 cents)
Gas prices in certain states remain at approximately $3 per gallon. Here are the top ten most economically favorable markets nationwide:
Georgia ($2.99) Mississippi ($3.00) Texas ($3.02) Louisiana ($3.07) Alabama ($3.07) South Carolina ($3.10) Arkansas ($3.11) Tennessee ($3.14) Kentucky ($3.19) Delaware ($3.20)
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Gas Inventories Rise, Reports GasBuddy
According to a report from GasBuddy, the growing inventories play a significant role in the ongoing decline in gas prices. Gasoline inventories have surged by 15.6 million barrels, representing a 7.5% increase from the previous year and are currently 1% higher than the five-year average for this period.
Patrick DeHaan, Head of Petroleum Analysis at GasBuddy, emphasized the importance of noting the regional inventory changes as this data typically influences price fluctuations, whether upward due to declining inventories or downward due to rising inventories.
In a separate report, DeHaan highlighted the diminishing demand for gas as winter approaches, and fewer individuals are inclined to travel.
“With the drop in air temperatures as we transition into autumn, gasoline prices have experienced another week of seasonal decline,” remarked DeHaan. “The national average is close to reaching its lowest level since March, a milestone likely to be achieved this week. As gasoline demand continues to dwindle, especially with the anticipation of the first snow flurries in various regions, the forthcoming winter season is reducing the enthusiasm for travel.”
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