AAA Gas Prices: Week of May 1st
The AAA national average gas price edged up 1.5 cents to $3.186 last week. This is down -1.5 cents from a month ago but -47.6 cents lower than a year ago.
- Even though this is the time of year when we typically see seasonal increases and rising demand, the price of crude oil has been plunging. A couple of factors are at play: economic concerns and the decision by OPEC+ (the group of oil-producing countries) to increase output and add more oil to the market, despite tepid demand. The lower the price of oil, the less drivers pay at the pump.