by Donald Wood
Last updated: 10:30 AM ET, Fri May 5, 2023
As American travelers prepare for the busy
summer travel period, fears associated with a looming global economic
recession have led to another drop in gas prices.
According to AAA Travel, the United States national average
for a gallon of regular gasoline fell six cents since last week to $3.57, which
is seven cents more than last month, but 65 cents less than in 2022.
New data from the Energy Information Administration (EIA)
showed that gas demand decreased significantly last week, which contributed to lower
pump prices. If demand remains low in the coming weeks, drivers will likely
continue to see the cost of gasoline decline.
“The oil market volatility is leading to lower prices,” AAA
spokesperson Andrew Gross said. “And we are also in a pre-summer driving season
lull regarding domestic demand. These two factors should keep pump prices
drifting lower for now.”
Over the last week, several states have seen a significant
decrease in average cost, including Texas (−12 cents), Ohio (−11), Michigan
(−11), Delaware (−11), Tennessee (−10), Indiana (−10) and Maryland (−9).
As for the least expensive markets, Mississippi leads the
way at $3.05 per gallon, followed by Texas ($3.11), Louisiana ($3.15), Alabama
($3.16), Arkansas ($3.16), Tennessee ($3.17), South Carolina ($3.21), Oklahoma
($3.26), Georgia ($3.28) and Missouri ($3.29).
In another report from Bankrate.com,
some 80 percent of Americans say they are changing their summer vacation plans
because of inflation, with spending money on less expensive accommodations being
the number one way that people plan to save money this summer.
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