Gas prices have dropped by two cents since last week. (iStock)
Good news for spring and summer travelers: gas prices continued their downward trend this week, averaging $3.46 per gallon, AAA reported. This is a two-cent drop from last week, and a 15-cent drop compared to last month.
Low demand and an excess gas supply are the two driving factors in the price decrease. Oil demand went up slightly from 8.94 million barrels per day to 9.04 this past week, Energy Information Administration (EIA) data found.
“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” Andrew Gross, AAA spokesperson said. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam? We may not know until autumn.”
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