As October Cruises Toward the Finish Line, Gas Prices Look Less Scary

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The national average pump price fell nine cents over the previous week to hit $3.79 on Oct. 24.

It has dropped daily since Oct. 11, primarily due to lower oil prices and fewer drivers than usual fueling up.

“Global recession fears coupled with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December has helped temper oil prices,” said Andrew Gross, AAA spokesperson. “This will help take the pressure off pump prices, benefitting drivers and their wallets.”

According to recent data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million b/d to 8.68 million b/d. Total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl.

Although gasoline demand is up slightly, it remains nearly 1 million bbl lower than this date last year. If demand remains low and oil prices don’t spike, pump prices will likely keep falling.

The Oct. 24 national average of $3.79 is nine cents higher than a month ago and 41 cents more than a year ago.

The nation’s top 10 largest weekly decreases: Alaska (-33 cents), California (-30 cents), Oregon (-26 cents), Washington (-24 cents), Nevada (-20 cents), Indiana (-15 cents), Michigan (-15 cents), Wisconsin (-14 cents), Ohio (-13 cents) and Illinois (-11 cents).

The nation’s top 10 least expensive markets: 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).

Source: AAA

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