Gas Price Decline Despite Higher Oil Prices

(Undated) – The national average for a gallon of gas ticked lower over the last week despite a rise in oil prices. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, the national average fell to its lowest level since July ahead of Labor Day, even as oil prices rose last week to the highest level since last November. He says, in addition, Hurricane Idalia steered well clear of significant energy infrastructure, leading to zero impact on gas prices. De Haan says with the switch back to “winter gasoline” less than two weeks away, we could eventually see more downward pressure on gas prices. However, any disturbances that threaten the Gulf could delay any decline between now and then, creating a bit of a bumpy ride for the next week or two before more relief arrives toward late September.