Gas Prices Drop as Supply Increases

(Undated) — Gas prices have “reverted” to a small drop as supplies jump. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, the national average price of gasoline slipped slightly over the last week, falling alongside oil, which dropped more than $2 per barrel. However, he says a few states, including Florida, Nebraska, and Indiana, bucked the trend, posting double-digit increases per gallon. De Haan says these areas are prone to a phenomenon known as “price cycling,” where prices can spike and plunge every couple of weeks even if wholesale costs remain mostly unchanged. He says while he doesn’t expect major movement in the national average as we approach August, states impacted by price cycling will likely continue to experience more volatile price swings, while others will see relative stability. The current national average is $3.13 a gallon.