U.S. drivers are seeing relief from high gasoline prices at the pump, GasBuddy data showed on Monday.

According to GasBuddy, the nation’s average gasoline prices dipped for a third week in a row on Monday, falling another 4.2 cents from this time last week, reaching $3.37 per gallon.

The national average is now 11.4 cents per gallon below this same time a month ago.Diesel prices are also down week over week, falling to $3.69 per gallon for a new multi-year low.

“Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away. Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labor Day,” GasBuddy’s head of petroleum analysis Patrick De Haan shared in a blog post on Monday—and he doesn’t expect retail gasoline prices to rise in the near future as well, signaling that the United States could be emerging from summer demand and corresponding high prices.

“With little new action in the Middle East to rile up prices and Hurricane Ernesto remaining far out at sea, it looks like the downward trend could continue into the week ahead. As more schools begin to resume, gasoline demand will likely continue to ease. With the transition to winter gasoline less than a month away for the majority of the nation, gas prices will soon begin their seasonal cooling off—just as temperatures soon will as well.”

High retail gasoline prices are troublesome for Vice President Kamala Harris, who is on the ticket for the U.S. presidential race this November. The Administration has battled high gasoline prices since almost the start of its term, releasing hundreds of millions of barrels of crude oil from the nation’s Strategic Petroleum Reserve to keep consumers happy by keeping a lid on escalating prices.

By: Oilprice / August 20, 2024