Business, Sci-Tech

Gas prices dip slightly after full month of increases

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WASHINGTON, DC—Motorists caught a bit of a break over the past week as the national average price for a gallon of gas leveled off at $3.41, down a penny from last week. Since October 30, the national average has fallen on nine different days, after having risen steadily each of the previous 31 days.

“A slight dip in gas demand, possibly due to seasonal driving habit changes, is contributing to some price relief at the pump,” said Andrew Gross, AAA spokesperson. “Unfortunately, the ongoing tight supply of crude oil will likely keep gas prices fluctuating, instead of dropping, for some time.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand dropped from 9.5 million b/d to 9.26 million b/d. This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices. However, pump prices will likely remain elevated for consumers as long as oil prices are above $80 per barrel.

Today’s national average of $3.41 is 11 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.

In the coverage area, the cheapest gas as of Monday was located at FuelSource (7940 Harford Road, 21234), with regular gas selling for $2.91 per gallon, followed by BP (8809 Belair Road, 21236), with regular gas selling for $2.97 per gallon.  Both Carroll Motor Fuels stations (9200 & 9205 Harford Road, 21234) were selling regular gas for $3.03 per gallon as of Monday.

Photo by Ingo Joseph from Pexels

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