The average cost of a gallon of gasoline in the US is about $3.41 . Is
GasBuddy’s Patrick De Haan told Granthshala Business, “Gas prices are expected to “tiptoe” in the coming days as “oil stays away from highs of $85.”
Currently, the average price for a gallon of gasoline in the US is about $3.41, according to data from GasBuddy.
Although the national average is about 1.8 cents higher than a week ago, De Haan, GasBuddy’s head of petroleum analysis, has said prices will begin to fall “gradually” as oil prices are lower than their peak a few weeks ago. .
Last week, oil prices fell below $80 a barrel after a monthly meeting of OPEC, when the “cartel firmly” raised November production by 400,000 barrels per day, according to De Haan.
According to GasBuddy, West Texas Intermediate crude on Tuesday fell to $83.70 a barrel, down from last week’s level of $84.
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“Should oil prices be around $82 at these levels,” consumers should expect to see gas prices lower than the national average of $3.40 a gallon later this week, De Haan said.
He said prices could drop to $3.35 a gallon by next week.
Still, prices are up 15.1 cents a month ago and $1.31 a gallon higher than last year, according to GasBuddy data compiled from price reports covering more than 150,000 gas stations nationwide.
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However, according to AAA, when more than 53.4 million people are expected to visit, as the Thanksgiving holiday draws near, De Haan does not anticipate any major movement in prices.
AAA said this is projected to be the highest single-year increase since 2005.
“With President Biden still looking at options to help drive down gas prices, we may see some volatility in oil prices,” de Haan said. “I don’t see a big drop or bounce right away for Thanksgiving, but US gasoline demand remains strong.”