Gas prices dropping for the first time in a month

Your Money

(NewsNation) — The national average for gas prices has dropped for the first time in a month, according to GasBuddy. and some parts of the country will see prices go down even more.

The national average for regular gas is $3.82, compared with an average of $3.36 last year, but prices are down 5.4 cents when compared to the previous week. That drop is being driven primarily by states in the West.

Californians are seeing prices drop by 30 cents a gallon, while those in Oregon are seeing a 25-cent decrease. Drivers in Washington and Nevada are looking at a 20-cent decrease over the previous week.

The previous surge in gas prices was a result of U.S. refineries shutting down for regular maintenance or because of accidents, like the fire at a refinery near Toledo, Ohio last month. The war in Ukraine also contributed to recent increases in gas prices. Sanctions against Russia have driven up the price of oil and gas around the globe. In a response to rising gas prices, President Joe Biden authorized the release of 15 million barrels of oil from the U.S. strategic reserve.

GasBuddy said the drop in prices is expected to continue as we head toward the holiday travel season.

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