“The big story from my chair is that demand is weaker,” says one expert.
Gas prices on a sign at a Shell gas station in San Francisco, California, US, on Tuesday, May 23, 2023.year ago, heading into Memorial Day weekend, people were freaking out about gas prices.
Prices at the pump hit $4.72 a gallon on May 30 and then soared past $5 a gallon in June. Diesel pricesas they’d been in the U.S. since the government started tracking them, which sent prices soaring for just about everything that moves by truck or boat or plane. This year, though, travelers are getting a reprieve; gas prices are hovering around $3.57 a gallon, down from both a month ago and a year ago. These lower prices are tied to the price of crude oil, which is down about 35% from last year, according to theOil production has not been impacted as much as analysts worried it would be during last year’s invasion of Ukraine, says Patrick De Haan, head petroleum analyst at GasBuddy, and Russia is still sending crude oil to the market.
Last year, by contrast, worries about supply constraints were happening as consumer demand was soaring, requiring more trucks on the road and more diesel to fuel them, causing prices to rise. “The big story from my chair is that demand is weaker,” De Haan says. On average, between lower diesel and gasoline prices, the U.S. spends roughly $667 million less per day on fuel than it did a year ago, De Haan estimates.
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