According to AAA, the nationwide average price of a gallon of gas sits at $3.58. That’s fully $1.43 less than this same week last year.
Lower global oil prices are partly to thank for the decrease. But the rest of us are doing our part by driving less than usual.
According to the federal government’s Energy Information Administration, Americans burned 9.19 million barrels of gasoline daily last week. We used 9.21 million per day the week before.
“We may be in a bit of a demand lull heading into the July Fourth holiday,” says AAA spokesperson Andrew Gross.
Patrick De Haan, head of petroleum analysis for GasBuddy, says the worldwide oil supply is declining, but high interest rates keep prices low, anyway. “The market continues to balance both declining supply from OPEC+ members, but also weaker demand as various central banks continue to raise interest rates, stifling economic growth and oil demand,” he says.
Related:
- What Rising Gas Prices Actually Cost You
- Gas Prices: How Hypermiling Saves You Money
- How to Get Better Fuel Economy in Your Existing Car
