Gasoline prices stabilize, but crude oil shortage keeps fluctuations in the U.S.

U.S. – Consumers caught a little break as the national average price for a gallon of gas leveled off at $3.41, down a penny since last week. Since October 30, the national average has fallen on nine different days, after having risen steadily each of the previous 31 days.

“A slight dip in gas demand, possibly due to seasonal driving habit changes, is contributing to some price relief at the pump,” said Andrew Gross, AAA spokesperson. “Unfortunately, the ongoing tight supply of crude oil will likely keep gas prices fluctuating, instead of dropping, for some time.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand dropped from 9.5 million b/d to 9.26 million b/d. This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices. However, pump prices will likely remain elevated for consumers as long as oil prices are above $80 per barrel.

Today’s national average of $3.41 is 11 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.

The nation’s top 10 largest weekly changes: Arizona (+7 cents), California (+6 cents), Pennsylvania (+4 cents), Illinois (−4 cents), Oklahoma (−4 cents), Indiana (−4 cents), Delaware (−4 cents), Ohio (−4 cents), Michigan (−3 cents) and South Dakota (−3 cents).

The nation’s top 10 most expensive markets: California ($4.68), Hawaii ($4.34), Nevada ($3.97), Washington ($3.87), Oregon ($3.78), Alaska ($3.71), Utah ($3.70), Idaho ($3.69), Arizona ($3.66) and Washington, D.C. ($3.62).

Source: MEXICO-NOW Staff