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Gas prices have been declining since mid-June as demand has fallen to levels not seen since the early days of the pandemic, according to AAA.<\/p>\n
Prices have continuously declined since June 14, when the average price hit a record high of $5.01 per gallon in the U.S.<\/p>\n
A customer pumping gas at a station in Connecticut. (FOX Business\/Daniella Genovese \/ Fox News)<\/p>\n
On Thursday, the national average price for a gallon of regular gasoline dropped eight cents to $4.13.<\/p>\n
New data from the Energy Information Administration (EIA) shows that gas demand dropped from 9.25 million barrels per day to 8.54 million per day last week.<\/p>\n
FORMER OIL EXEC WARNS RECESSION COMES ALONGSIDE ENERGY CRISES: 'GAS WILL EXCEED $5 AGAIN' SOON<\/p>\n
That's 1.24 million barrels per day lower than last year and \"in line with demand at the end of July 2020,\" when there were widespread virus-related restrictions and fewer people were hitting the road, according to AAA.<\/p>\n
A tanker driver delivers 8,500 gallons of gasoline to an ARCO station in Riverside, California, on May 28, 2022. (AP Photo\/Damian Dovarganes \/ AP Newsroom)<\/p>\n
\"Despite the steady decrease in pump prices, drivers appear to still be altering their driving habits to contend with higher-than-usual prices,\" AAA spokesperson Andrew Gross told FOX Business on Thursday.<\/p>\n
The latest demand figures bolster a recent AAA survey that revealed 64% of drivers had changed their driving habits or lifestyle since March to offset the high prices at the pump.<\/p>\n
BUTTIGIEG HIGHLIGHTS DECLINING GAS PRICES AFTER SUGGESTING THEIR RISE WAS GOOD FOR TRANSITIONING TO EVS<\/p>\n
However, there may be some good news for motorists.<\/p>\n
Recently, crude prices have fallen as concerns of weaker gasoline demand continue.<\/p>\n
According to AAA, if gasoline demand remains low and crude prices don't spike, pump prices are likely to continue falling.<\/p>\n
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Even though the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, plan to increase output by only 100,000 barrels a day in September after increasing output by 648,000 barrels per day in July and August, it's unlikely to have a considerable impact on price, according to AAA's report. <\/p>\n
\"The slight increase is unlikely to have a significant pricing impact, especially if demand continues to decline,\" AAA said.<\/p>\n
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Gas demand similar to early days of COVID-19 - Fox Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Check out what's clicking on FoxBusiness.com. Gas prices have been declining since mid-June as demand has fallen to levels not seen since the early days of the pandemic, according to AAA. Continue reading