Gasoline prices on Tuesday averaged $3.14 nationally, down nine cents from a week ago and 23 cents from a month ago.
Andy Lipow, president of consulting firm Lipow Oil Associates, said the decline “showed that OPEC+ is struggling to balance oil supply and demand in light of the surprising increase in supply from the U.S., Brazil and Guyana, as well as disappointing demand from China,” Lipow said.
Those declines have meant “good news for the consumer” at the pump, Lipow said, and prices may drop a few cents more over the week.
Domestically, the gas price decline is part of a cycle that has been typical in past years but recently had been absent in the winter months, said Devin Gladden, an AAA spokesperson.
“During the fall and winter, we see days become a lot shorter, inclement weather increasing, drivers spending less time on the road,” a trend that typically drives oil demand down through the end of the year, he said.
Read more in a full report at TheHill.com.
