Nov. 13–International politics, regional refinery maintenance and decreased demand are coming into play with the recent drop in gas prices.
Averaging $2.43 a gallon in Arkansas, and $2.70 nationally, gas prices have fallen about 22 cents a gallon in the past month as demand drops and the end of refinery maintenance season wraps up, according to the latest AAA Fuel Gauge Report and GasBuddy.com.
“Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” Jeanette Casselano, AAA spokesperson, writes in the report. “Also driving down pump prices is the fact that crude oil is selling under $65 a barrel, a rare sight this year.”
Patrick DeHaan, head of petroleum analysis for GasBuddy, points out oil’s demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran.
“Because ahead of those waivers, OPEC agreed to increase production to soften the potential blow from the Nov. 4 reimposition of sanctions, yet now OPEC is upset and may again cut production to the move by Trump to allow temporary waivers,” DeHaan writes. “What’s it all mean for motorists? The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up.”
Including the change locally during the past week, the national average for a gallon of regular unleaded is still about 12 cents per gallon higher than a year ago.
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