Gasoline prices have fallen for 11 weeks in a row, allowing consumers to breathe a sigh of relief as the U.S. summer season reaches a conclusion on Labor Day, but analysts warn that tight supplies and hurricane season could still lead to a spike in prices.
Gasoline prices at the pump have fallen for 11 weeks in a row, allowing consumers to breathe a sigh of relief as the U.S. summer driving season reaches a typical conclusion on Labor Day, but analysts warn that tight supplies and hurricane season could still lead to a spike in prices.
Gasoline prices have seen 11 consecutive weeks of decline, as of the week ended Aug. 29, topping the 10 week in a row downtrend sparked by the COVID-19 pandemic, De Haan told MarketWatch. On Thursday, they stood at $3.802 — still up roughly 20% from a year ago. Some gas stations could see sub-$3 a gallon gasoline prices, including those in Oklahoma, Texas, Alabama, Mississippi and Louisiana, Kloza told MarketWatch. Higher prices have prevailed in the West, while California does not allow the “easier-to-manufacturer” winter blend gasoline until Nov. 1, he said.
The amount of finished motor gasoline supplied for the week ended Aug. 26, a proxy for demand, stood at 8.591 million barrels, down 987,000 barrels from the same time a year ago, data from the Energy Information Administration released Wednesday showed. It’s also likely, however, that the ability for many Americans to work from home reduced driving activity in June and near-record high inflation likely limited road travel because consumers were paying more for things like groceries and rent, Milne said.
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