Gas Prices Drop, but for How Long?

WASHINGTON, D.C. —Despite literal and figurative storm clouds here and abroad,  the national average for a gallon of gas still fell by three cents from last week to $3.19. The devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages. Meanwhile, the average cost of public EV charging remained unchanged.

Overseas, the ongoing tensions between Iran and Israel are fueling fears that a war could disrupt oil shipments through the Straits of Hormuz, a vital chokepoint for maritime traffic. This has led to oil prices creeping higher.

“Despite the threat of war and a hurricane season that is still percolating, domestic gasoline prices are edging lower,” said Andrew Gross, AAA spokesperson. “There are now 18 states east of the Rockies with averages below $3 a gallon. And OPEC+ is saying, at least for now, they will increase production starting December 1^st, putting even more downward pressure on pump prices.”

For the complete report, including the latest EIA data, gas and electric price trends, and oil market dynamics, please visit: https://gasprices.aaa.com/pump-prices-resume-falling-but-for-how-long/