U.S. Gas Prices Fall Ahead of Holiday Travel
United States gas prices declined this week, with local averages falling across state and metro markets. Notably, GasBuddy and AAA data show national average slipped to $2.95 per gallon, with Ohio averaging $2.59 in Toledo, $2.57 in Columbus and Michigan averaging $2.96; South Carolina averaged $2.62 and Peoria averaged $3.07. Analysts attributed declines to completed refinery maintenance and planned OPEC production increases for December, reducing upward pressure on crude. Surveys compiled millions of station price reports to calculate averages and ranges. Motorists benefitted from lower pump costs during the holiday travel period. Based on 6 articles reviewed and supporting research.
Timeline
- Refinery maintenance was reported largely complete, easing supply constraints.
- OPEC announced plans to increase oil production for December.
- National average fell below $3/gal to about $2.95, per GasBuddy.
- Local markets recorded week-over-week declines in Toledo, Columbus, Michigan, South Carolina and Peoria.
- Motorists experienced lower pump prices during Thanksgiving and the holiday travel period.
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Drivers, commuters and businesses experienced immediate savings at the pump as average gasoline prices declined across multiple states, reducing short-term transportation costs during the Thanksgiving and holiday travel period.
Oil producers, some high-price retailers and regional fuel-margin-dependent businesses faced reduced margins and revenue pressure as wholesale and retail pump prices fell.
After reading and researching latest news.... gasoline prices have fallen nationwide this week; GasBuddy and AAA show national averages near $2.95, with larger drops in Ohio, Michigan, South Carolina and Peoria. Analysts cite completed refinery maintenance and planned OPEC production increases as primary drivers reducing crude and pump prices.
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U.S. Gas Prices Fall Ahead of Holiday Travel
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