Some 46 states saw average gas prices dip last week, but will the trend continue through next week?
Gas prices are trending downward. On Monday, May 8, the national average price for regular unleaded gasoline sat at $2.35 per gallon, four cents lower than the previous week and month, and 14 cents more than the same date in 2016.
AAA reported that last week a whopping 46 states saw gas prices drop. The decline is spurred by an unseasonable surplus of gasoline in the U.S. market, record high refinery production rates, moderate demand and a recent drop in crude oil prices.
Ohio, Michigan and Indiana all saw a nine-cent drop—the biggest decrease in the country.
Also on May 8, U.S. petroleum futures rang in below $50 per barrel, but they have gained slightly. AAA noted that the gain followed comments from the Russian and Saudi Arabian energy ministers who reported that a consensus is forming to extend production cuts beyond the June 30 deadline and into 2018, signaling that OPEC and non-OPEC producers are willing to take necessary steps to rebalance the market.