Gas Prices Are Down Like Your Decorations!

WASHINGTON, D.C.—The national average for a gallon of gas dipped slightly by three cents since last week to $3.09.  One reason could be lower demand, as fewer people are fueling up after the peak of holiday road travel.

“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Andrew Gross, AAA spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”

According to new data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million b/d last week. Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million bbl to 237 million bbl. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, drivers will likely continue to see pump prices trickle downward.

Today’s national average of $3.09 is 15 cents less than a month ago and 17 cents less than a year ago.

For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/like-holiday-decorations-gas-prices-are-coming-down/