Retail gasoline prices unchanged from a month ago

Oct. 28 (UPI) -- It's been something of a mixed bag for prices at the pump this week with motor club AAA showing Friday the national average for a gallon of gasoline unchanged from a month ago.

AAA shows a national average retail price of $3.76 for a gallon of regular unleaded gasoline. That's down from the $3.82 average at this time last week, but unchanged from one month ago.

Because they're one of the more ubiquitous signs of the high rate of inflation, gasoline prices are a source of concern for President Joe Biden and his fellow Democrats in the run up to Election Day in November.

On Friday, the University of Michigan said the sentiment among consumers was only slightly better than the all-time low set in June. The cost of durable goods such as cars and jewelry is up 23% from last month and consumers remain deeply concerned.

But there may be good news on the horizon. The federal government reported that the price for non-durable goods decreased by 0.1% from September levels, led by a decline in the price for gasoline and other energy commodities

And looking ahead, the U.S. Energy Department estimates that gasoline prices will stay about where they're at now for the rest of the year and dip into the $3.50 range for 2023.

The price at the pump was $3.39 at this time last year. An all-time high was reached in June at $5.01 per gallon.

Data out this week show gasoline demand increased and domestic storage levels declined. Refineries, meanwhile, were operating at about 90% of their peak capacity during the week ending Oct. 21 and production increased, which should help keep a lid on retail gasoline prices.

A report published Thursday by AAA finds that even with the uptick in demand, it's still below year-ago levels.

"Fluctuating oil prices and low demand are contributing to the national average moving downward," the club stated. "If demand remains low, as oil prices slide, drivers should see pump prices come down through the weekend."

Crude oil prices account for the bulk of what consumers see at the filling station. Brent crude oil, the global benchmark for the price of oil, looks to finish up some 2% for the week.