Gas prices are lower, a lot lower than in September. If seasonal patterns hold, you'll pay less at the pump even into the holidays.
The U.S. national price for regular unleaded gasoline was $3.496 a gallon on Oct. 29. That's down 1.5% from a week earlier and nearly 10% from the Sept. 18 peak of $3.881 a gallon, according to American Automobile Association data.
The U.S. price is still up 9.4% for the year but down 7.1% from the level on Sept. 29, 2022. And down 30% from the June 2022 peak of $5.016 a gallon.
A 15-gallon fill-up at $3.881 on Sept. 18 meant you paid $58.22. Now, your outlay is $52.44.
The prices declines could be steeper, but crude oil prices are providing a floor under pump prices. West Texas Intermediate, the benchmark U.S. crude, finished the week at $85.54 per 42-gallon barrel, down 2.9% from a week earlier and off 5.8% this month. For the year, WTI is still up 6.6%.
Prices are lower across the country. The statewide California price was the nation's highest at $5.295 a gallon, off 2.8% from a week earlier and 78.4 cents from a month ago. The lowest prices were in Calaveras County, at $4.832 a gallon, with Mono County experiencing the highest at $6.528.
The lowest state-wide price again was Georgia at $2.967 a gallon, down 3.6 cents on the week down and off 29.4 cents from a week ago. The lowest prices were in Jeff Davis county at $2.724 a gallon. Highest was Crawford County's $3.279 a gallon.
Energy shares were lower this week, even with several huge oil mergers getting announced. Chevron (CVX ) -)announced Monday it was buying Hess Corp. (HES) -) in an all-stock deal valued at $53 billion. Chevron, however, fell 12% on the week as quarterly results missed estimates.
Prices typically decline in the fall after the summer driving season. Gasoline demand declines, and cooler temperatures allow refiner to put in cheaper ingredients into their blends. Prices typically start to move up in mid-to-late winter.
