U.S. Gas Prices Fall For 10 Straight Days—Nearing $3 In Southeast

According to data from GasBuddy, the national average price for a gallon of gas has fallen for 10 days in a row, reaching $3.74 on Thursday.

Georgia has the cheapest gas in the country, with a gallon costing $3.18 on Thursday, followed by Texas, Mississippi, and Arkansas.

The national average has fallen more than 20 cents since October 11, but is still 10 cents higher than it was a month ago.

The price of a gallon of gas has fallen the most in the state after several refineries that convert oil to gasoline came back online.

According to the Energy Information Administration, demand for gas increased from 8.29 million barrels per day to 8.68 million barrels per day this week, but analysts think demand will fall in the coming weeks.

Following the sale of 180 million barrels of oil in March, the Biden Administration opened 14 million barrels of oil for sale in an attempt to cut costs for the upcoming elections.

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The price of gas reached a record high of $4.33 per gallon in March as crude oil prices spiked amid tight supplies and threats to the global energy market. They peaked at $5.01 per gallon in June and then fell over the next three months. Energy prices and high inflation have been a key issue in the lead up to the elections, with Biden pleading with oil companies and gas station owners to cut prices and considering a ban on U.S. natural gas exports. Republican officials have accused Biden of not doing enough to combat rising prices by expanding U.S. production.

Tangent

The decision by oil companies to cut production by 2 million barrels per day will have an impact on U.S. energy costs. Lindsay Buckley said the cuts are equivalent to a 1% reduction in supply. The White House pushed for more oil to be pumped by the organization. According to a Morning Consult survey, almost half of Americans have a negative opinion of Saudi Arabia.

Here is where gas prices are the most expensive.

Gas prices will fall for seven days as the White House considers selling emergency reserves.