Gas prices fall for the 7th straight week, many unsure if the decline will continue

Gas prices declined for the 7th straight week; however AAA Northeast have cautioned against optimism and have said this decline may not last much longer.

The AAA reported that the lower gas prices could significantly increase demand, therefore increasing the price at the pump again.

“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said AAA spokesperson Andrew Gross. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

Gas buddy also confirmed that the price of gas has fallen in every state. Unlike AAA, Gas Buddy offered a more positive outlook about prices staying low.

“The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do,” Gas Buddy officials said in a press statement. “For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result. As long as oil prices hold at these levels or lower, we’ll see another decline in most areas this week.”

AAA’s released their latest weekly survey, which showed the average cost of unleaded regular has decreased to $4.41 per gallon, which is a decline of 7 cents over the past week. This represents a drop of 44 cents in one month but is still $1.37 higher than August 1st 2021.

GasBuddy reports show the average to be even lower, at $4.17 per gallon. The AAA confirmed that the state with the highest gas cost is California, with the price coming in at $5.60 per gallon, $5.70 per gallon in the Los Angeles area.




Leave a Reply