Gasoline prices fall due to the end of the summer driving season

According to Patrick DeHaan of Gas Buddy, the average gas price in the US fell week-on-week on Friday to $3.42 per gallon, the lowest since March.

Gasoline prices in the US are 2.2 cents cheaper per gallon this Friday than last week, DeHaan said in a tweet on Friday, adding that US gas prices may drop further over the weekend.

This news was in response to the Weekly Petroleum Status Report (Weekly Petroleum Status Report) announced by the Energy Information Administration (EIA) on Wednesday. According to the EIA report, although inventory is still 2.8% higher than a week ago, it is 3% below the 5-year average for this period.

The refinery's operating rate rose 1 percentage point to 91.5%, and production decreased to 9.7 million B/D. The overall occupancy rate of the United States increased, but declined in the East Coast and Midwest regions.

Regular gas prices averaged $3.433 on Friday, down from $3.454 a week ago and down from $3.873 a year ago, according to the AAA. Prices averaged $4.603 in California and $2.965 in Mississippi.

It's unclear whether this price drop is part of a seasonal trend where people feel safe at gas stations after the driving season is over.

“Summer is almost over, and gas prices have hardly dropped so far.” AAA spokesperson Andrew Gross said earlier this week. “However, the hurricane season is still long ahead, so it's too early to assert that gasoline prices have entered the usual fall slump.”