Gas prices in the U.S. have been on a downward trend, providing relief to motorists. The national price for regular unleaded gasoline was $3.496 per gallon on October 29th, down 1.5% from the previous week and nearly 10% from the peak price of $3.881 per gallon on September 18th. Although gas prices are still 9.4% higher than last year, they have decreased by 7.1% since September 2022 and by 30% since the peak in June 2022. With lower gas prices, consumers can expect to pay less at the pump, especially as seasonal patterns indicate that prices may continue to decline even into the holiday season.
The decline in gas prices can be attributed to several factors, including the lowering of crude oil prices. West Texas Intermediate, the benchmark U.S. crude, finished the week at $85.54 per 42-gallon barrel, down 2.9% from the previous week and 5.8% lower for the month. Although crude oil prices are still up 6.6% for the year, they have provided a floor under pump prices, preventing even steeper declines. It is worth noting that gas prices have decreased across the country, with California having the highest statewide price at $5.295 per gallon, down 2.8% from the previous week. Conversely, Georgia had the lowest statewide price at $2.967 per gallon, down 3.6 cents from the previous week. As the fall season continues and gasoline demand declines, it is expected that gas prices will continue their downward trend, providing relief to consumers.
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