The nationwide average price of a gallon of gas sits at $3.82 today, according to AAA. That’s nearly 30 cents higher than one month ago. But a decrease could be just ahead.
Patrick De Haan, head of petroleum analysis for GasBuddy, says the sun is setting on the summer driving season. “Sunday U.S. gasoline demand fell 3.4% from the prior Sunday and was 1.4% below the average of the last four Sundays,” he explains.
Americans used about 8.83 million barrels of gasoline per day during the week ending July 28, the most recent week for which the U.S. Energy Information Administration has data. That’s down from 8.93 million the week before.
“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” said Andrew Gross, AAA spokesperson. “Coupled with tepid demand and declining oil prices, this may help take the steam out of the tight supply price jolts we’ve seen lately.”
While today’s prices are 29 cents higher than one month ago, AAA says they remain 34 cents less than prices this week a year ago.
Related:
- What Rising Gas Prices Actually Cost You
- Gas Prices: How Hypermiling Saves You Money
- How to Get Better Fuel Economy in Your Existing Car
