Steady decline in gas prices is starting to explode: AAA

The multi-month decline in domestic gasoline prices appears to have stalled, with average prices for a regular gallon rising slightly mid-week.

A slight rise from $3.681 per gallon on Tuesday to $3.684 on Wednesday halted the price decline. The last time national prices rose was on June 14th, when a gallon hit an average of $5.02. American Automobile Association.

AAA Gas prices fell 4 cents overall in the most recent reporting week, but said it was the smallest drop in months.

“Every streak has to end at some point, and the national average for a gallon of gas is down $1.34 from its peak in mid-June.” AAA Spokesman Andrew Gross said: “However, there are major factors pulling global oil prices, including wars, COVID, recessions, and hurricane seasons. there is.”

Soaring gas prices were a major drag on President Biden and his party’s midterm election fortunes, ushering in the summer driving season.

Things began to improve as drivers bounced back from rising oil prices, supplies increased, and Mr. Biden dumped large amounts of oil from his strategic reserves.

AAA Demand continues to decline as the U.S. enters the fall, but the oil market could come as a surprise and challenge Biden’s story that inflation is starting to ease.

“Gasoline demand has declined, but volatile oil prices have led to a smaller decline in pump prices. ” AAA said in a blog post.

AAA The national average of $3.67, recorded earlier this week, is 24 cents lower than a month ago, but 48 cents higher than a year ago.