National Gas Price Average dips Three Cents ...United Arab Emirates

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National Gas Price Average dips Three Cents
Washington, D.C. – The national average for a gallon of gas fell three cents since last week to $3.39. The main reason is the oil price, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago. “The cost for oil accounts for 55% of what we pay at the pump,” said Andrew Gross, AAA spokesperson, “so higher or lower oil costs will play a major role in the price we pay when fueling up.” According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million b/d to 8.91 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.8 million bbl to 240.1 million bbl last week.

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