WASHINGTON, D.C. (October 12, 2023)—Domestic pump prices kept up their daily decline despite the uncertainty in the oil market in the days since Hamas terrorists attacked Israel. Oil prices rose a few dollars per barrel, but that is far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine. The critical difference is that Russia is a significant oil producer, while Israel and the Palestinian territories are not. The national average for a gallon of gas fell 12 cents since last week to $3.64.
“As long as this war does not spread to include more countries in the region, the effect on the oil market will remain muted,” said Andrew Gross, AAA spokesperson. “Here in the US, there are now nine states with some county gas averages below $3 a gallon, and this number will likely increase in the coming weeks.”
For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/gas-prices-fall-despite-clouds-of-war/