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Gas prices in the Capital Region are on a downward trend, with the average cost for a gallon of regular fuel now at $3.06. This marks a decrease of two cents from last week and five cents from one month ago, according to AAA. The decline is attributed to the recent increase in oil production by OPEC+, which has led to a drop in crude oil prices.
The national average for a gallon of gas is currently $3.15, while the state average stands at $3.09. As reported by AAA Newsroom, the decrease in gas prices is unusual for this time of year, as prices typically rise during the spring due to increased travel demand. However, softer demand and an oversupply of crude oil have contributed to the current decline.
According to Automotive Fleet, the Midwest and Gulf Coast regions have seen the most significant price drops, with a decrease of about 10 cents over the past week. This trend is expected to continue as refiners complete seasonal maintenance and switch to summer gasoline blends.