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U.S. Gas Prices Continue to Drop, Reaching a National Average of Just Below $3.25
The decline is attributed to a recent drop in oil prices, seasonal demand decrease, and a general easing of inflation, with factors like the switch to winter blend gasoline and high U.S. oil production contributing to the ongoing trend of gas prices falling. (Photo: wjtv)
Factors Influencing the Fluctuation of Gas Prices in the U.S.
According to source, gas prices in the U.S. have seen a continuous decline or remained steady for the past 10 weeks. The national average is just below $3.25, down 25 cents from a month ago and 30 cents less than the previous year. This decline is attributed to a recent drop in oil prices, a seasonal decrease in demand, and a general easing of inflation.
The switch to winter blend gasoline, shorter days, and unfavorable weather contribute to the gas prices falling in demand during the fall and winter months. In addition to seasonality, experts point to high oil production in the U.S., standing at 13.2 million barrels per day as of November 17, which helps keep gas prices falling lower.
While the current trend indicates a continued decline in gas prices falling into the New Year, potential factors that could impact this include further cuts from major oil-producing countries, particularly from OPEC+, and geopolitical events like the Israel-Hamas war. The delay in an OPEC+ meeting may signal internal disagreements, making it uncertain whether there will be additional cuts impacting gas prices falling.
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Regional Disparities in Gas Prices Reflect Global Market Volatility
The Israel-Hamas conflict initially slowed the fall in oil prices, but the impact is subject to change, highlighting the volatility of the oil market and its influence on gas prices falling. Despite the overall decline, gas prices falling vary across states, with 15 states having prices below $3, led by Texas ($2.71), Mississippi ($2.76), and Georgia ($2.79).
On the other hand, California ($4.88), Hawaii ($4.72), and Washington ($4.34) have the highest prices at the pump, contributing to regional variations in gas prices falling. While the current outlook suggests a continued decrease, the global energy market’s volatility means that future changes in gas prices falling are uncertain.
