Gas prices maintained their decline thanks to low oil prices and demand.
Gas prices continued their downward descent, dropping by four cents to $3.60 per gallon, AAA’s weekly prices report found. This week’s average is still seven cents more than it was this time last year. Lackluster demand from drivers contributed to the drop in gas prices. Demand rose just slightly from 8.79 to 8.87 million barrels per day last week, data from the Energy Information Administration showed. On top of a small jump in demand, lower oil prices are making gas cheaper at the pump.
There aren’t signs that the car buying market will return to pre-pandemic levels, but high prices are starting to ease. Used cars are beginning to stabilize and inventory is up all around, a Cars.com report found. "The last five years have been highly volatile for auto, yet a pattern of stabilization is emerging," Rebecca Lindland, senior director of industry data and insights at Cars Commerce said.
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