Oct. 23–Gas prices finally began a seasonal fall this week with the state average dropping about 4 cents to $2.60 a gallon.
The AAA Fuel Gauge Report, however, warns prices could rise this week due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports.
“The fall relief that has been expected for weeks has finally arrived,” Patrick DeHaan, head of petroleum analysis at GasBuddy, stated in his weekly fuel report.
“Gasoline economics typically weaken shortly after summer, but we experienced somewhat of a delay due to concern over Iran sanctions and OPEC production, but seemingly the market has become more concerned with other factors, and thus far, the affect on motorists has been lower gas prices.”
According the AAA report, reduced refinery runs due to peak maintenance season have contributed to stable gasoline inventories amid lower demand.
“Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week,” said Jeanette Casselano, AAA spokesperson. “Prices are falling despite market concerns about global supply and geopolitical tensions, but that could change later this month ahead of the U.S. announcement of imposed sanctions on Iran.”
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