Gas Prices Steady, More Than $1 Less Than Last Summer

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The nationwide common value of a gallon of gasoline this morning stood at $3.54. That’s 9 cents lower than every week in the past and 14 cents lower than a month in the past – not notably risky numbers. A yr in the past, the nationwide common stood at $4.68.

Even the July 4 vacation barely modified costs. Most years, a peak in demand as People journey for the vacation drives costs increased.

What’s conserving costs so regular? Stress between provide and demand.

“Gasoline costs have struggled to search out a lot momentum in both path as the value of crude oil has continued to bounce round, digesting offsetting information on each side of the size,” says Patrick De Haan, head of petroleum evaluation for GasBuddy.

The Group of Petroleum Exporting Nations, he says, has tried to tighten provides. However excessive rates of interest – a coverage many industrialized international locations have adopted to rein in inflation – are restraining People’ spending.

“I don’t see a lot probability of a significant escape of the tight vary we’ve held since April,” De Haan says.

AAA Spokesperson Andrew Gross says costs “might rise over the subsequent few days primarily based on barely increased demand.” However the enhance “might be extra of a blip than a development, and demand might retreat as soon as the vacation is additional within the rearview mirror,” he says.

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