The national average for gas prices on Monday stood around $3.44, according to AAA. That's down about 9 cents from a week ago — marking the largest one-week drop recorded by the motor club so far in 2024. Monday's average was also more than 19 cents less than it was a month ago and over 14 cents below the level seen this time last year.
Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 billion barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 billion barrel-a-day range at this time of year, Gross noted. “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 led 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.
West Texas Intermediate crude, the U.S. benchmark, has stayed in the mid $70s a barrel over recent weeks — closing at under $78 a barrel Monday. That's “not a bad place for it to be,” Gross said, noting that the cost of crude typically needs to go above $80 to put more pressure on pump prices. 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.