The United Press International (UPI) reported on August 22. As a new week began, gas prices continued their downward trend, and Monday saw another small decrease.
According to AAA, the national average price was $3.90 on Monday, a decrease of $0.10.
Over the past month, the average price has dropped by about 51 cents, or by more than 5 cents per week.
Experts say the weather in the coming month is a key factor to watch as prices continue to fall from their record high of $5.02 in mid-June.
Drivers can save $1.11 per gallon compared to the high point in mid-June, according to AAA spokesman Andrew Gross. “But now that hurricane season has arrived, we need to keep an eye on the weather.” Disruption of oil production in the Gulf of Mexico and damage to large coastal refineries are two ways in which these storms can have an effect on market prices.
Only three storms have been given names so far this year, far fewer than forecasters had anticipated. There was Alex, Bonnie, and Colin. Bonnie was the only hurricane that actually got stronger.
One tropical disturbance formed in the Atlantic basin on Monday, far from Africa’s coast. In the next week, there is a 20% chance of cyclone formation, according to the National Hurricane Center.
The cheapest reported price for a gallon of gas was in Arkansas, where it was selling for $3.40; this was followed by Mississippi ($3.42) and Georgia ($3.43).
Gas in Hawaii is still over $5 per gallon, and in California it costs an average of $5.32 per gallon.
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