Wednesday, April 24, 2024
HomeAg NewsWeaker Demand Driving Fuel Prices Lower

Weaker Demand Driving Fuel Prices Lower

Average gas prices declined again for the fifth straight week, with gasoline dropping 5.2 cents last week to $3.50 a gallon, according to GasBuddy. The national average is down 33.2 cents from a month ago and 26.8 cents per gallon lower than a year ago. However, the average diesel price increased 3.8 cents last week to $4.48 per gallon, yet 82 cents lower than one year ago.

GasBuddy’s Patrick De Haan says, “The national average is on the cusp of falling to the lowest level since March, something that could happen this week.” Gasoline demand continues to weaken as the calendar marches towards winter, coupled with cheaper winter gasoline and refinery issues that have faded. For now, that trend will likely mean further declines in the weeks ahead, before prices bottom out between Thanksgiving and Christmas.

- Advertisment -