April 19, 2024

Gasoline costs are trending downward, with the common at the moment beneath $3 per gallon in 11 states. The regular decline is because of falling seasonal demand and the usage of cheaper winter gasoline.

Drivers within the following states count on common pump costs of slightly below $3 per gallon.

Alabama: $2.95

Arkansas: $2.95

Georgia: $2.85

Kentucky: $2.99

Louisiana: $2.92

Mississippi: $2.84

Missouri: $2.99

Oklahoma: $2.91

South Carolina: $2.93

Tennessee: $2.96

Texas: $2.80

Based on AAA knowledge, the nationwide common for gasoline is $3.36, in comparison with $3.78 a yr in the past.

Present gasoline worth at a BP gasoline station in Emporia, Kansas right now. This worth dropped by nearly 10% in simply 5 days on the similar gasoline station. (Mark Reinstein/MediaPunch/IPX) (Mark Reinstein/MediaPunch/IPx)

Even in costly California, costs have fallen to $5.07 a gallon, down $0.60 from a month in the past.

“Gasoline demand has struggled in current weeks and has not solely fallen as a consequence of seasonality as Individuals drive much less in colder climate, nevertheless it additionally seems there could possibly be financial headwinds,” stated Patrick De Haan, head of petroleum evaluation at GasBuddy stated Monday.

Based on the Power Info Administration, U.S. gasoline consumption is anticipated to say no subsequent yr as Individuals proceed to work remotely, gasoline effectivity will increase and inflation stays excessive.

“Comparatively excessive gasoline costs and persistently excessive inflation might impression shoppers’ budgets and restrict discretionary driving,” the company’s newest vitality outlook report stated.

Gasoline costs have been flat or falling since mid-September, regardless of volatility in oil markets throughout that interval. Crude oil lately posted a 3rd week of losses for the primary time since Might.

On Monday, West Texas Intermediate (CL=F) rose barely, buying and selling simply above $77 a barrel. Brent crude oil (BZ=F) rose barely and settled above USD 82 per barrel.

Ines Ferre is a senior enterprise reporter for Yahoo Finance. Comply with her on Twitter at @ines_ferre.

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