A motorist fills up the tank of a vehicle at a gasoline pump at a Costco warehouse Friday, May 31, 2024, in Aurora, Colo. Gas prices are once again on the decline across the U.S. — bringing some ease to drivers at a time of year when it usually costs a little more to fill up your tank. FILE - A customer stops for fuel at a gas station in Northbrook, Ill., on April 18, 2024. Gas prices are once again on the decline across the U.S.
“Demand is just kind of shallow,” AAA spokesperson Andrew Gross said, pointing to trends seen last year and potential lingering impacts of the COVID-19 pandemic. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.” “Once refinery maintenance is done, output or utilization of the nation’s refineries goes up — and that contributes to rising supply,” De Haan said. And that stronger supply, paired with weaker consumption, has lead to a “bit more noticeable” decline in prices this year. He added that U.S. refinery utilization is at some of its highest levels since the pandemic., or about 42 million gallons, from a Northeast reserve with an aim of lowering prices at the pump this summer.
At this time of year, experts keep a particular eye out for hurricane risks — which can cause significant damage and lead refineries to power down.