Gas prices are lower, much lower than in September. If seasonal patterns hold, you’ll pay less at the pump even during the holidays.
The national price for regular unleaded gasoline in the US was $3.496 per gallon on October 29. That’s down 1.5% from the previous week and nearly 10% from the Sept. 18 high of $3.881 per gallon, according to Data from the American Automobile Association.
The US price is still up 9.4% on the year, but is down 7.1% from the level on September 29, 2022. And down 30% from the June 2022 high of 5,016 dollars a gallon.
A 15-gallon fill-up for $3.881 on September 18 meant he paid $58.22. Now, his outlay is $52.44.
Price declines could be steeper, but crude oil prices are providing a floor under pump prices. West Texas Intermediate, the benchmark U.S. crude, ended the week at $85.54 per 42-gallon barrel, down 2.9% from the previous week and down 5.8% this month. So far this year, WTI continues to rise 6.6%.
As turmoil and war continue in the Middle East, oil and gas analysts are considering a potential price disruption.
Prices are lower throughout the country. California’s statewide price was the highest in the country at $5.295 per gallon, down 2.8% from the previous week and 78.4 cents lower than a month ago. The lowest prices occurred in Calaveras County, at $4,832 a gallon, and Mono County experienced the highest at $6,528.
The lowest price statewide again was Georgia at $2.967 a gallon, down 3.6 cents for the week and down 29.4 cents from a week ago. The lowest prices were in Jeff Davis County at $2.724 a gallon. The highest was $3.279 per gallon in Crawford County.
Energy stocks fell this week, even after several major oil mergers were announced. Chevron (CLC ) – Get a free reportannounced Monday that it would buy Hess Corp. (HE IS) – Get a free report in an all-stock deal valued at $53 billion. Chevron, however, fell 12% for the week as quarterly results missed estimates.
Prices typically drop in the fall after the summer driving season. Gasoline demand declines and cooler temperatures allow refiners to incorporate cheaper ingredients into their blends. Prices usually start to rise in mid to late winter.
