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While they aren’t low by any means, consumers have some good news this week. According to AAA, the national average gas price has dropped for the second week in a row. This time it’s down by 15 cents a gallon for regular.
That means the average price of gas is $4.52 a gallon. Last week it was $4.67, and a week before that it was $4.80. And compared with last month, prices are down 46 cents per gallon. But prices are still more than $1 more compared to last year.
AAA credits the price drop to two main factors: lower demand and slightly reduced oil prices. The first is probably the big driver. Citing data from the Energy Information Administration, AAA noted that demand is down more than 1 million barrels a day from 9.41 million to 8.06 million.
Oil prices have dipped, too. AAA reports that prices have dipped to under $100 a barrel, compared with closer to $110 the week before. At the time of writing, according to MarketWatch, barrel prices are back up to just over $100. AAA expects that oil prices could creep back up due to concerns about supply for the rest of the season.