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Gas prices continue to decline across the Capital Region, providing relief to drivers. According to AAA, the average cost for a gallon of gas in the area is now $3.14, down three cents from last week. However, this price is still eight cents higher than a month ago. The state average stands at $3.17, while the national average is $3.15.
The drop in gas prices is attributed to an abundance of supply in the oil market. As reported by AAA Newsroom, the national average for a gallon of gas recently matched July 2021 levels, marking the lowest summer prices in four years. This trend is supported by increased oil production from OPEC+ and a slowdown in global economic growth, which has reduced demand for oil.
While some states, such as Mississippi, offer gas prices below $3 per gallon, the average price nationwide remains slightly higher. Despite fluctuations, analysts predict that prices may continue to drop throughout the summer, barring any major geopolitical conflicts or natural disasters.