Advertisement

AAA: National gas prices keep falling amid lower oil prices

Lower oil prices have contributed to gas prices falling, according to AAA. File Photo by John Angelillo/UPI
Lower oil prices have contributed to gas prices falling, according to AAA. File Photo by John Angelillo/UPI | License Photo

July 11 (UPI) -- The national average price for a gallon of gas fell to about $4.68 on Monday, down 13 cents from last Monday amid lower oil prices.

The national average on Monday of $4.68 is also 32 cents less than a month ago, but still about $1.54 more than a year ago, AAA figures show.

Advertisement

The average reported last Tuesday was $4.80 -- a slight decrease from the prior day and a decrease of 8 cents over the past week after rising to a peak of $5.01 per gallon in mid-June, according to AAA.

Gas prices have come down since some users on social media called for a national boycott over the holiday weekend, but have also kept falling despite a record increase in travel over July 4th holiday weekend from pre-COVID-19 pandemic levels as gas prices started to drop.

"Usually, more people buying gas would lead to higher pump prices," AAA spokesperson Andrew Gross said in a statement. "But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas."

Advertisement

The price of crude oil rose on Friday due to increased market optimism as markets rebounded, but the price was still down $4 per barrel from the previous week, according to new data from the Energy Information Administration based on the West Texas Intermediate benchmark.

Latest Headlines