US Gas Prices are Falling; Experts Point to Mild Demand – RVBusiness – Breaking RV Industry News
NEW YORK — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks, according to an Associated Press report.
The national average for gas prices on Monday stood around $3.44, according to AAA. That’s down about 9 cents from a week ago — marking the largest one-week drop recorded by the motor club so far in 2024. Monday’s average was also more than 19 cents less than it was a month ago and over 14 cents below the level seen this time last year.
Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide.
There are a few factors contributing to today’s falling gas prices. For starters, fewer people may be hitting the road.
“Demand is just kind of shallow,” AAA spokesperson Andrew Gross said, pointing to trends seen last year and potential lingering impacts of the COVID-19 pandemic. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”
Click here to read the full Associated Press report.
