AAA gasoline price chart, 7/5/22.
WASHINGTON, D.C. (KELO.com) — The national average for a gallon of gasoline fell to $4.80, down eight cents over the past week.
In Sioux Falls, the average price of a gallon of regular unleaded gas is $4.59, according to AAA South Dakota. Statewide, the average is $4.71/gallon. That’s two cents cheaper than last week.
The primary reason for the decline is lower demand at the pump as fewer people fueled up over the past two weeks. The lull, however, could end with the arrival of the summer driving season.
“Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” said Andrew Gross, AAA spokesperson. “But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived.”
According to the latest Energy Information Administration (EIA) data, gas demand currently sits at 8.93 million b/d, which is lower than last year’s rate of 9.11 million b/d at the end of June. On the other hand, total domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply/demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.
Today’s national average of $4.80 is four cents less than a month ago and $1.67 more than a year ago.
(AAA contributed this report/news release. Todd Epp, KELO.com News, contributed to this report.)
