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By Alia Shoaib
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Average nationwide gas prices across the U.S. have recorded their biggest weekly decline in months, falling by 17.1 cents to reach $4.12 per gallon, according to data compiled by fuel-price tracking platform GasBuddy.
The national average is also down 24.7 cents from a month ago but remains $1.13 per gallon higher than a year ago, according to the data compiled from more than 12 million individual price reports covering over 150,000 gas stations.
The price drop will come as welcome news to Americans heading to the polls for the midterm elections, where the cost of living has emerged as a key issue.
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However, an analyst warned that the decline may not last, with uncertainty over the Iran conflict continuing to threaten oil markets.
“Average gasoline prices fell in nearly every state over the last week, while diesel declined in most, as refinery maintenance wraps up and seasonal demand continues to fade with the onset of cooler weather,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.
“Volatility could return quickly after the election,” he warned. “Whether new attacks occur or a truce takes hold around the Strait of Hormuz, along with continued Ukrainian strikes on Russian refineries, will likely dictate where prices head as we move closer to the holidays.”
GasBuddy compiled data from more than 12 million individual price reports from over 150,000 gas stations across the country.
This is a developing story; more to follow.
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