US national gas price average fell three cents to US$3.83 in week ended Sep. 28, but is two cents higher month-over-month; gas demand increased slightly to 8.62 million b/d from 8.41 million b/d last week: AAA

WASHINGTON , September 29, 2023 (press release) –

Despite lackluster demand with fewer drivers visiting the pump, the national average for a gallon of gas only fell three cents since last week to reach $3.83. The slow drop is due to the high cost of oil, which is acting like a drogue chute on falling gas prices.

“Oil is stubbornly staying above $90 per barrel for now, and it’s the main ingredient in gasoline,” said Andrew Gross, AAA spokesperson. “Gas prices will likely keep falling, but it’s going to be slow and unsteady, so expect some days where it might edge higher a bit.”

For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/falling-like-a-feather/

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.