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The National Average for a Gallon of Gas Fell Three Cents Since Last Week

According to the American Automobile Association (AAA), the national average for a gallon of gas fell three cents since last week to $3.39. The main reason is the oil price, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago. This decrease can be attributed to a few different factors. According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million b/d to 8.91 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.8 million bbl to 240.1 million bbl last week. However, fluctuating oil prices have contributed to pushing pump prices lower. But if gas demand keeps rising amid tightening domestic stocks, drivers may see an end to future pump price drops.

EIA daily prices.

Retail Petroleum Prices (AAA), 2/24/23 ($/gallon)

Regular Gasoline U.S. Average 3.37. -0.4 Diesel U.S. Average 4.44. -0.4

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