According to AAA, this is 1.24 million barrels per day lower than last year and “in line with demand at the end of July 2020”, when there were widespread virus-related restrictions and fewer people were taking to the streets.
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“Despite the steady reduction in pump prices, drivers are still changing their driving habits to combat higher-than-usual prices,” AAA spokesman Andrew Gross told Fox Business on Thursday.
However, there may be some good news for the drivers.
Recently, crude oil prices have declined as concerns over weak gasoline demand continue.
According to AAA, if the demand for petrol remains low and crude oil prices do not rise, the pump prices are likely to continue to decline.
Even though the Organization of Petroleum Exporting Countries (OPEC) and its alliesOPEC+, also known as OPEC+, plans to increase production to only 100,000 barrels per day in September after increasing production by 648,000 barrels per day in July and August, according to the AAA report, with a significant impact on the price. Not likely to fall.