Gas prices keep dropping, down another 15 cents in past week

While they aren’t low by any means, consumers have some good news this week. According to AAA, the national average gas price has dropped for the second week in a row. This time it’s down by 15 cents a gallon for regular.

That means the average price of gas is $4.52 a gallon. Last week it was $4.67, and a week before that it was $4.80. And compared with last month, prices are down 46 cents per gallon. But prices are still more than $1 more compared to last year.

AAA credits the price drop to two main factors: lower demand and slightly reduced oil prices. The first is probably the big driver. Citing data from the Energy Information Administration, AAA noted that demand is down more than 1 million barrels a day from 9.41 million to 8.06 million.

Oil prices have dipped, too. AAA reports that prices have dipped to under $100 a barrel, compared with closer to $110 the week before. At the time of writing, according to MarketWatch, barrel prices are back up to just over $100. AAA expects that oil prices could creep back up due to concerns about supply for the rest of the season.

The cheapest gas prices reported have been in South Carolina, with an average of $4.02. To find the best gas prices near you, check out our gas price tool.