The nation’s average gas price declined 0.5 cents per gallon from a week ago to $3.17 per gallon, while the average price of diesel fell a penny in the last week and stands at $3.28 per gallon. The average gas price is unchanged from a month ago and $1.01 per gallon higher than a year ago.
Gas Buddy’s Patrick De Haan states, “As the number of Covid cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations,” as oil has continued to see heavy selling pressure.
With the U.S. summer driving season ending and with additional high-profile companies delaying their return-to-office plans, there is some level of anxiety that fuel demand will trail off into the autumn as OPEC continues to raise oil production, leading prices to crumble. U.S. retail gasoline demand fell slightly after reaching its highest level of 2021 last week.