There are a few factors contributing to today's falling gas prices. For starters, fewer people may be hitting the road.Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks.
"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." Some of this is still seasonal. Patrick De Haan, head of petroleum analysis at GasBuddy, noted that gas prices typically ease in early summer because of refinery capacity. At this time of year, he said, many factors boosting prices in late winter and early spring - particularly refinery maintenance - are no longer present.
"Really, what we're seeing right now with gasoline prices ... has been driven primarily by seasonal and predictable economics," he said.Experts also point to cooling oil costs. Prices at the pump are highly dependent on crude oil, which is the main ingredient in gasoline. OPEC+ recently announced plans to extend three different sets of cuts totaling 5.8 million barrels a day - but the alliance also put a timetable on restoring some production, "which is likely why the price of oil had somewhat of a bearish reaction," De Haan said.The future is never promised. But, if there are no major unexpected interruptions, both Gross and De Haan say that prices could keep working their way down.