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Drivers in the Capital Region are seeing a slight decrease in gas prices, according to AAA. The current average price for a gallon of regular fuel is $3.18, which is down by one cent from last week. However, this price is still three cents higher than it was a month ago. The state average stands at $3.17 per gallon, while the national average is slightly lower at $3.14.
The small decline in gas prices comes amid a backdrop of fluctuating fuel costs. As reported by AAA East Central, easing oil costs and low domestic demand have contributed to the slight drop in prices. Despite this, gasoline demand has increased from 8.08 million barrels per day to 8.30 million, while gasoline production has decreased, averaging 9.2 million barrels daily.
According to AAA, crude oil inventories have risen by 3.5 million barrels, although the U.S. crude oil stock is about six percent below the five-year average for this time of year. As fuel costs continue to fluctuate, AAA advises motorists to stay informed about price changes and consider fuel-efficient practices to manage expenses.