This week’s gas price report from AAA has more good news for consumers. Once again, prices are down. The national average price for a gallon of regular 87-octane gasoline is $4.21. It’s a drop of 14 cents from last week, 63 cents from last month, and 80 cents from the peak, record average price of $5.01 back in June.
That said, it’s still $1.04 more than it was at this time last year.
In quite a number of states, the price has dipped below $4 per gallon. Texas has the cheapest gas in the country at $3.71. Among the 10 states with the lowest prices, the other 9 all fall under $4.
AAA notes that many drivers have been changing their routines to cope with the high gas prices. The organization found that 64% of respondents have made changes such as reducing driving overall, combining trips for errands and reducing spending on shopping and dining.
Despite this, AAA has found that demand for fuel is creeping back up. This week it has risen from 8.52 million barrels of oil per day to 9.256 million. The national inventory is also down from 228.4 million barrels to 225.1 million. As such, it’s possible that the trend of dropping gas prices could level off.
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Source: www.autoblog.com