US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel

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Gas prices are once again on the decline across the U.S. That's bringing some relief to drivers now paying a little less to fill up their tanks

NEW YORK — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks.

The national average for gas prices on Monday stood around $3.44, according to AAA. That's down about 9 cents from a week ago — marking the largest one-week drop recorded by the motor club so far in 2024. Monday's average was also more than 19 cents less than it was a month ago and over 14 cents below the level seen this time last year.

Why the recent fall in prices at the pump? Industry analysts point to a blend of lackluster demand and strong supply — as well as relatively mild oil prices worldwide.

Here's a rundown of what you need to know.

There are a few factors contributing to today's falling gas prices. For starters, fewer people may be hitting the road.

“Demand is just kind of shallow,” AAA spokesperson Andrew Gross said, pointing to trends seen last year and potential lingering impacts of the COVID-19 pandemic. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”

Last week, data from the Energy Information Administration showed that U.S. gasoline demand slipped to about 8.94 billion barrels a day. That might still sound like a lot — but before the pandemic, consumption could reach closer to the 10 billion barrel-a-day range at this time of year, Gross noted.

Beyond pandemic-specific impacts, experts note that high gas prices seen following Russia's invasion of Ukraine in 2022 and persistent inflation may have led many Americans to modify