Gas prices fall 33 cents in past month in U.S. despite increased demand | Autoblog

in the past 30 days, it does seem a bit unusual in the face of a 5.5% increase in demand. But it's an example of whyare beholden, first and foremost, to the whims of the global energy market — so much so that they can defy the basic rules of supply and demand in any one individual market such as ours.

“Usually, more people buying gas would lead to higher pump prices,” said Andrew Gross, AAA spokesperson. “But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas.” But why has crude oil fallen? Well, that's where the principles of supply and demand do catch up. In spite of Russia's war in Ukraine, crude oil has been falling because there's a fear that a global recession is coming that will drive down demand. In other words, basic economic forces still apply and remind us it's a global market and global problem.

In the past week, the average price fell 18 cents in Texas, where gas prices were already among the cheapest, and by 17 cents in Ohio and Illinois. Sky-high California prices even fell by 16 cents. Other big decreases were seen at the pump in Wisconsin , Indiana , Kentucky , Alabama , Virginia and Florida .

The states with the cheapest gas were South Carolina , Georgia , Mississippi , Louisiana , Texas , Alabama , Arkansas , Tennessee , North Carolina and Kentucky .

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