Average gasoline prices across the United States have dropped by 17.1 cents per gallon over the past week, marking their biggest weekly decline in several months. The national average now stands at $4.12 per gallon, according to data compiled by fuel-price tracking platform GasBuddy.
The fall in gasoline prices comes as Americans prepare to vote in the US midterm elections. The cost of living has become one of the major issues in the election campaign, making fuel prices an important concern for voters. Diesel prices also fell in most states during the same period. As refineries finish scheduled maintenance, their operations can return to normal, helping improve fuel supplies. This seasonal slowdown in demand has also helped bring down gasoline prices across the country.
Patrick De Haan, head of petroleum analysis at GasBuddy, said average gasoline prices declined in nearly every state over the past week. De Haan said the completion of refinery maintenance work has helped push fuel prices lower. De Haan said demand for fuel is continuing to fall as cooler weather sets in.
The waterway is an important route for global oil shipments , making developments in the region important for energy markets. De Haan also pointed to continued Ukrainian strikes on Russian refineries as a factor that could affect oil and fuel prices. Damage to refinery operations could create further uncertainty in energy markets.
De Haan said whether new attacks take place or a truce is reached around the Strait of Hormuz will play an important role in deciding where fuel prices go next. De Haan said developments involving Iran, the Strait of Hormuz and Russian refineries will help determine how fuel prices move as the United States approaches the holiday season.
