Gas prices have recently started to drop across the United States, providing some relief to drivers who are seeing a decrease in what they pay at the pump. The national average for gas prices currently stands at around $3.44, marking a 9 cent decrease from the previous week, the largest drop recorded in 2024. This average is also more than 19 cents lower than a month ago and over 14 cents below the same time last year.
The decrease in prices at the pump can be attributed to a combination of low demand and high supply, along with mild oil prices globally. Experts point to factors such as last year’s trends, the residual impact of the COVID-19 pandemic on driving habits, and the prevalence of fuel-efficient and electric vehicles contributing to the shallow demand for gas. Refinery capacity in early summer usually results in a decline in gas prices, with the current increase in output allowing for a noticeable decrease this year.
Although there have been efforts, such as the release of gasoline from a reserve in the Northeast, to lower prices nationally, the primary factors driving the decrease in prices are seasonal and predictable economics. As long as there are no unexpected disruptions like hurricanes, experts predict that gas prices could continue to fall and remain within a range of $3.35 to $3.70 per gallon for the summer. Some states, such as Mississippi, Oklahoma, and Arkansas, have lower average gas prices, while California, Hawaii, and Washington have the highest average prices in the country.
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