Average gasoline prices across the United States have dropped by 17.1 cents per gallon over the past week, marking their biggest weekly decline in several months. The national average now stands at $4.12 per gallon, according to data compiled by fuel-price tracking platform GasBuddy.
Gas prices are now 24.7 cents per gallon lower than they were a month ago. However, despite the recent decline, prices remain significantly higher than last year.
The national average gasoline price is still $1.13 per gallon higher than it was at the same time last year, showing that American motorists are continuing to pay more for fuel despite the latest weekly decline.
US gas prices remain $1.13 higher than last year
The fall in gasoline prices comes as Americans prepare to vote in the US midterm elections. The cost of living has become one of the major issues in the election campaign, making fuel prices an important concern for voters.
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The recent decline could provide some relief to motorists who have been dealing with higher fuel costs. However, the national average remains above its level from a year ago.
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Patrick De Haan, head of petroleum analysis at GasBuddy, said average gasoline prices declined in nearly every state over the past week. Diesel prices also fell in most states during the same period.
De Haan said the completion of refinery maintenance work has helped push fuel prices lower. As refineries finish scheduled maintenance, their operations can return to normal, helping improve fuel supplies. De Haan said demand for fuel is continuing to fall as cooler weather sets in. This seasonal slowdown in demand has also helped bring down gasoline prices across the country.
Gas prices fall as refinery work ends and demand drops
Despite the recent decline, De Haan warned that fuel prices could become volatile again after the midterm elections. This means the current fall may not last if global developments put pressure on oil markets.
Uncertainty surrounding the conflict involving Iran continues to create risks for global oil prices. Any fresh military attacks or changes in the situation could affect oil supplies and push fuel prices higher.
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De Haan said whether new attacks take place or a truce is reached around the Strait of Hormuz will play an important role in deciding where fuel prices go next. The waterway is an important route for global oil shipments, making developments in the region important for energy markets.
De Haan also pointed to continued Ukrainian strikes on Russian refineries as a factor that could affect oil and fuel prices. Damage to refinery operations could create further uncertainty in energy markets. De Haan said developments involving Iran, the Strait of Hormuz and Russian refineries will help determine how fuel prices move as the United States approaches the holiday season.
The latest price figures were compiled using more than 12 million individual fuel-price reports from over 150,000 gas stations across the United States. This data provides a nationwide picture of changes in gasoline prices.