U.S. Gas Prices Steadily Declining Due to Seasonal Shifts, High Oil Supply
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U.S. gas prices have fallen or remained steady for 10 straight weeks due to seasonal dips in demand, declining oil costs, and easing inflation. Prices are down 30 cents from last year.
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Seasonality is a big reason for the current declines - less daylight and cold weather reduce driving and demand for gas in the fall and winter.
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U.S. oil production recently hit record highs, helping limit price increases, while OPEC+ countries have cut output to prop up oil prices in the past. Further OPEC+ cuts could impact prices.
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Global events like the Israel-Hamas war can cause volatility in oil and gas prices if they impact major oil producing regions. So developments overseas remain a "wildcard."
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Texas, Mississippi and Georgia currently have the lowest average gas prices, while California, Hawaii and Washington have the highest, due to factors like refinery locations and fuel requirements.