U.S. gas prices have declined by 3.5 cents per gallon over the past week, attributed to a decrease in oil prices and reduced concerns regarding supply disruptions caused by Hurricane Debby.
The national average price at the pump reached $3.44 per gallon on Monday, marking a drop of 37.2 cents compared to the same time last year. The recent decline in oil prices, experiencing three consecutive weeks of decreases, has contributed to this downturn. Over the past month, the national average price per gallon has decreased by 5.6 cents. Diesel prices have also followed suit, falling by 2.3 cents last week and now standing at 39 cents lower than a year ago.
It was highlighted that Tropical Storm Debby initially raised concerns about supply risks in the Gulf of Mexico. However, the storm’s impact has been minimal on refineries and refined product pipelines, subsequently alleviating pressure on the markets.
Hurricane Debby made landfall in Florida on Monday morning, weakening to a category 1 hurricane upon landfall. Despite concerns of potential flooding on the Gulf Coast, the National Hurricane Center reported diminished threats as the storm progressed.
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