How about some great news for your wallet? According to AAA, gas prices in Franklin county are now at $3.49 per gallon which is quite a bit lower than the national average of $3.99 per gallon.
The national average has not been below $4 per gallon since March 5. In the spring, oil prices spiked in reaction to Russia’s invasion of Ukraine, leading the national average to a new all-time high. (source)
Why is the cost of gas going down?
According to the Energy Information Administration (EIA), the demand for gas went up last month due to the summer demand. Normally, this surge would lead to price increases due to this demand surge. However, the fact that oil prices are falling has contributed to lower prices when you pay for gas at the pump.
In addition, Americans are driving less. The amount of gas being used by customers is down almost 10% from last summer, according to the US Energy Information Administration.
Does this mean gas prices will keep going down now?
According to Patrick De Haan at Gas Buddy, he says that we've never seen anything like 2022 at the gas pump. This is mainly because of once-in-a-lifetime events including the ongoing Covid-19 pandemic and Russia's war on Ukraine. (source) Because 2022 is such a unique year, we really just have to take things one month at a time.
What do you think about gas prices? Will you see a difference financially from the price drop? I'd love to hear your thoughts in the comments.
Disclaimer: Please be aware that this article is only for educational and informational purposes.