Gas prices continue to fall despite rising temperatures, according to a new report from AAA that revealed the national average for a gallon of gasoline has slipped two cents to $3.46 in less than a week. The auto multi-service provider stated that the main reason behind the fall is slow demand and an influx in supply. 

“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said Andrew Gross, manager of AAA public relations.

Recent data from the Energy Information Administration (EIA), finds gas demand rose slightly from 8.94 million barrels per day to 9.04 last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 million to 233.5 million barrels as production averaged 10.1 million barrels per day. 

Experts at AAA believe a continued drop in demand paired with increasing supply and stable oil costs will likely lead to falling pump prices. Earlier this month, VMAIL reported that gas prices were also on the decline despite a high-risk hurricane season. 

Since June 6, 10 states have seen significant changes in gas prices. Gas prices in Ohio rose 17 cents, and prices in California, Nevada and Alaska fell 10 cents. Michigan and Indiana saw an increase of 9 cents. Illinois fell 9 cents, while Florida dropped 8 cents and Washington and Utah each fell 7 cents. Overall, the least expensive market to purchase gas is Mississippi at $2.93.

As of June 12, WTI (West Texas Intermediate oil is another benchmark used by oil market) rose by 60 cents to $78.50 a barrel. U.S. crude oil inventories sit at 4 percent below the five-year average for this time of year.

“So, is the typical robust summer driving season a thing of the past?” said Gross, “Or is gas demand just taking longer to pick up steam? We may not know until autumn.”