National Gas Price Average Drops amidst Dramatic Fluctuation in Crude Oil Prices

Motorists witnessed some optimistic fluctuation at the pump on the week, with 31 state gas price Average falling one to five cents.The national gas price Average dropped by two cents to settle at USD3.15. One aspect contributing to the fall was U.S. gasoline demand staying comparatively flat on the week.

At this moment, it is too early to state if lower pump prices will be continued or persist in their downward trend. The fraction of the unknown is because of changing crude prices that fell to a low of USD66/bbl last Monday but were back to USD70/bbl by the end of the week. Earlier Prices dropped, followed by the news from OPEC that they have got to an agreement to boost production in August.

However, that guarantee has been cooperated by concerns regarding the increase in COVID case numbers and how it could unconstructively affect global demand.AAA spokesperson Holly Dalby said that for pump prices to become less costly, OPEC will have to pursue through with their rise in production, crude will have to be sold consistently at lesser prices in order to regulate the latent renaissance of COVID cases.

If these aspects proved correct consecutively, pump prices could drop in August, although the national Average could still be above or at the USD3 per gallon level.Since the start of July, gas prices have Average USD3.14. Currently, the nationwide  is more costly on the month (+6 cents) and the year (+97 cents).In the Virginia region, gasoline rates pursue to seize at USD2.97. However, across Hampton Roads region, the Average dropped to USD2.96.