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Motorists in the Capital Region are seeing a slight decrease in gas prices, with the average cost for a gallon of regular fuel now at $3.06. According to AAA, this marks a one-cent drop from the previous week and a six-cent decrease compared to a month ago. The state average is currently $3.09 per gallon, while the national average stands at $3.14.
The decline in gas prices is attributed to an increase in oil production by OPEC+, which has led to a drop in crude oil prices. This trend is unusual for this time of year, as gas prices typically rise during the spring due to increased travel demand. However, softer demand and an oversupply of crude oil have contributed to the current decline.
The Midwest and Gulf Coast regions have seen the most significant price drops, with a decrease of about 10 cents over the past week. This trend is expected to continue as refiners complete seasonal maintenance and switch to summer gasoline blends.
Looking ahead, experts predict that gas prices may continue to fluctuate due to ongoing economic concerns and potential tariffs. Motorists are advised to stay informed and consider fuel-efficient practices to manage their expenses.