• Fri. May 24th, 2024

Average gas price nearly a dollar less than this time last year

Bynewsmagzines

May 16, 2023
Average gas price nearly a dollar less than this time last year

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As the summer driving season closes in, average gas prices are hovering at the $3.53 per gallon mark, according to AAA’s gas price calculator. Compared to this time last year, that’s an enormous improvement — on this day in 2022, the national average was $4.48 per gallon.

Prices peaked over $5.00 per gallon in June last year, and the usual big uptick in driving typically causes prices to go up, but AAA is predicting some stability for consumers in the immediate future. 

“Increasing demand for gasoline would usually drive pump prices higher,” said Andrew Gross, AAA spokesperson, “but the cost for oil has remained low lately, so drivers should benefit from stable pump prices as Memorial Day draws near.”

Even while demand is increasing, domestic gas stocks are down, which AAA says is contributing to the lower price. Market uncertainty around the debt ceiling talks is contributing to the lower oil prices, too, as any risk of recession will cause prices to sink. U.S. oil output is set to break a record this year according to the Energy Information Administration, which is another big contributor to prices remaining relatively stable.

Diesel prices are significantly down compared to last year, too, which is a boon for the trucking and transport industry. Today’s average of just $4.01 is an enormous turn versus the $5.56 average folks were paying at this time last year. Even E85 is down big time, as it’s sitting at an average of $2.92 versus $3.85 at this time last year. Get excited, future Dodge SRT Demon 170 owners.

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