Slowly, but surely, gasoline prices are ebbing lower

Oct. 31 (UPI) -- Motor club AAA reported Monday there was a slight decline in retail gasoline prices from week-ago levels on the back of a steady move lower for crude oil prices.

The travel club listed a national average retail price of $3.76 for a gallon of regular unleaded gasoline. That's about 3 cents lower than this time last week.

Retail gasoline prices are far lower than the peak of $5.01 recorded on June 14. The price for Brent crude oil, the global benchmark, closed trading that day at $127.02 per barrel. Brent opened the trading day Monday at $94.22 per barrel.

According to the U.S. Energy Department, the price of crude oil accounts for the bulk of what consumers see at the pump, along with refinery and transportation costs and state taxes. Those state taxes can push California gas prices into the $6-per-gallon range, but it's an outlier.

Patrick DeHaan, the senior petroleum analyst at price-watcher GasBuddy, said Monday that prices at the pump have been moderating for the better part of a month.

Refinery issues on the West Coast kept prices elevated through September, but the region is recovering and prices at the pump are on a steady decline. But a shortage of refined petroleum products on the East Coast means prices there are a bit higher than the national average. Drivers in Pennsylvania are paying $4 per gallon, for example.

"For the third consecutive week, we've seen the national average price of gasoline decline, and while it's good news for most regions with a continued drop in prices, the Northeast is bucking the trend and seeing a noticeable jump due to tight supply," DeHaan said.

Supply-side challenges could become even more severe in December when members of the European Union adopt a ban on waterborne imports of Russian crude oil.

Federal estimates, however, suggest the price at the pump will continue to decline. 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 $3.40 per gallon at this time last year.