(NewsNation) — The national average for a gallon of gasoline has continued its decline, and is currently standing at $3.56, according to the American Automobile Association.
Over the past month, pump prices have seen a significant decrease of 32 cents from their 2023 peak, which was $3.88. This translates to drivers saving approximately $5 with each fill-up.
The national average price of $3.56 is 29 cents lower than the same period last year.
“While gas prices are falling about a penny a day, that feels like a glacial pace,” said Andrew Gross, AAA spokesperson. “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.”
Recent data from the Energy Information Administration reveals that gas demand rose from 8.58 to 8.94 million barrels per day last week. However, there has been a decrease in total domestic gasoline stocks, which have fallen by 2.4 million barrels to 223.3 million barrels.
Typically, increased demand and decreasing supply put upward pressure on pump prices, but the stabilization of oil prices has had the opposite effect. If oil prices remain unchanged or decline, motorists can anticipate further price reductions at the gas pump in the upcoming weeks.