US Gas Prices Post Biggest Weekly Drop in Months
Average gas prices fell in nearly every state but it may not last, fuel-price tracking site GasBuddy said.
Gasoline prices in the United States have experienced their most significant weekly decline in months, falling by 17.1 cents to sit at $4.12 per gallon, according to GasBuddy data. The national average is down 24.7 cents from last month but remains $1.13 higher than a year ago, based on over 12 million individual price reports from more than 150,000 gas stations.
The price drop is expected to provide relief for voters heading to the polls during the midterm elections, as the cost of living has become a crucial concern. However, an analyst cautioned that the decline might not be permanent, with ongoing uncertainty surrounding the Iran conflict potentially threatening oil markets. Patrick De Haan, GasBuddy's head of petroleum analysis, stated that average gasoline prices fell in nearly every state over the past week, while diesel also decreased in most areas.
"Refinery maintenance wrapping up and seasonal demand fading due to cooler weather contributed to the decline," De Haan added. "Volatility could resurface rapidly after the election," he warned, emphasizing that events like new attacks in the Iran Strait of Hormuz or continued Ukrainian strikes on Russian refineries could influence prices as the holiday season approaches.
GasBuddy gathered its data from over 12 million individual price reports from more than 150,000 gas stations nationwide.
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