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Average prices for a gallon of gasoline in the United States have fallen daily since October 11, mainly due to lower oil prices and fewer drivers than usual fueling up.
According to AAA Travel, the national average pump price fell nine cents over the past week to $3.79 a gallon, which is still 41 cents more than a year ago. If the market remains concerned about the economic growth rate this week, crude prices could continue to decline.
Data shows that while gasoline demand is up slightly, it is still much lower than the same period in 2021. AAA Travel said if demand remains low and oil prices don’t spike, pump prices will likely keep falling.
“Global recession fears coupled with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December has helped temper oil prices,” AAA spokesperson Andrew Gross said. “This will help take the pressure off pump prices, benefitting drivers and their wallets.”
In the U.S., the least expensive markets include Georgia ($3.20), Texas ($3.20), Mississippi ($3.27), Arkansas ($3.30), South Carolina ($3.31), Tennessee ($3.31), Louisiana ($3.34), Florida ($3.35), Alabama ($3.37) and Missouri ($3.40).
As for the largest weekly decreases, Alaska dropped by 33 cents, California by 30 cents, Oregon by 26 cents, Washington by 24 cents and Nevada by 20 cents.
In September, AAA Travel revealed that gas prices were down to $3.77 a gallon, a decrease of 31 cents from August, but still 59 cents more than the previous year.
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