Relief for consumers stems to a large degree from seasonal fluctuations that take hold every fall, experts said.
A slowdown in travel has eased demand for gas as families have returned from summer vacation and resumed routine driving associated with work and school commutes.
Alongside that softening of demand, refineries have begun shifting toward a less-expensive blend of winter fuel. Refineries contend with fewer regulations from the Environmental Protection Agency in the cooler fall and winter months, allowing for a cheaper blend of fuel.
“This is something we see every year,” Andrew Gross, a spokesperson at AAA, told ABC News.
The decline in prices also owes to a steep drop in the cost of crude oil, the underlying commodity that refineries turn into gas. The price of Brent crude oil has fallen 21% over the past year, and more than 7% over the last month.
https://abcnews.go.com/Business/gas-prices-plummeting-experts-explain/story?id=113751441
