Gas prices have been declining over the last month as the peak summer driving season comes to an end. More declines are expected.
The average retail price for a gallon of regular unleaded gasoline in the US is $3.49, 11 cents less than 30 days ago, according to the AAA Fuel Gauge Report. After increasing for 14 consecutive days from August 23-September 5 — amid refinery issues, hurricane concerns, and constrained supply due to the changeover from summer- to winter-blend gasoline — the price of gas has been on the decline.
The decreased fuel prices anticipated this week are a result of lagging fuel demand and no immediate plan to stimulate U.S. and European economies.
Patrick DeHaan, senior petroleum analyst for GasBuddy.com says the decline in crude oil and gasoline futures is resulting in the drop at the pump. As economic concerns and talk of a double dip recession persist, oil prices have been decreasing. The fear is that if the economy slips, so will the demand for fuel.