Gas prices have fallen since mid-June as demand plunged to levels not seen since the early days of the pandemic. ing. to AAA.
Prices have continued to fall since average prices hit a record high of $5.01 per gallon in the US on June 14.
On Thursday, the national average price for a gallon of regular gasoline fell 8 cents to $4.13.
Gas demand fell from 9.25 million barrels per day to 8.54 million barrels per day last week, according to new data from the Energy Information Agency (EIA). did.
This put him 1.24 million barrels per day less than last year, "in line with end-July 2020 demand." Virus-related restrictions were widespread and declining populations. According to AAA, it was out on the road.
"Despite the steady decline in pump prices, drivers seem to be changing their driving habits to combat the higher than usual prices," he said of AAA. spokesman Andrew Gross told FOX Business on Thursday.
Latest demand figures are from the recent AAA backs up the research. revealed that 64% of his drivers had changed their driving habits or lifestyle since March, offsetting high prices at the pump. .
But it may be good news for drivers.
Oil prices have fallen recently amid ongoing concerns over weak gasoline demand.
AAA via Getty Images, demand for gasoline remains Low, oil prices will not surge and pump prices may continue to fall.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies(also known as OPEC+) plan to increase production by just 100,000 barrels per day. Nonetheless, the AAA report said September is unlikely to have a significant impact on prices after production increased by 648,000 barrels per day in July and August.
"Small increases are unlikely to have a significant impact on prices, especially if demand continues to decline ," AAA said. says.