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Gas Prices: Pump prices pushing cheaper

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Posted: Aug 10, 2020 11:26 AM

According to AA, majority of states saw gas prices decrease minimally - by one to two cents or saw no change at the pump at all.

The volatility was enough to bring the national average down a penny from last Monday to $2.17 per gallon. That average is two cents less than last month and 49 cents cheaper than a year ago.

Chico gas prices have fallen 1.7 cents per gallon in the past week, according to Gas Buddy.

"Gas prices have remained in very familiar territory for the sixth straight week as gasoline demand fell slightly last week, keeping oil prices confined as forces prevent it from falling under $39 but also from breaching $42 per barrel. However, as summer begins to fade, demand recovery may be limited, and there's a possibility we may see more downside potential in the last quarter of the year," said Patrick De Haan, head of petroleum analysis for GasBuddy.

Industry Analyst says the stable prices are because the U.S. still has a surplus of oil and weak demand. Nationwide, the highest average price of regular-grade gas is in the San Francisco Bay Area at $3.31 per gallon.

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