Gas prices have seen a minor decline just before Halloween, decreasing by five cents per gallon over the last week, as reported by AAA.
The national average for gasoline was $4.22 per gallon on Thursday, which is a slight drop of two cents from Wednesday and more than 20 cents lower than last month.
On the other hand, diesel prices remain stable at an average of $6.33 per gallon, reflecting a three-cent increase compared to the previous week. This figure is still about 20 cents below the peak price recorded on September 22nd.
Crude oil prices are currently positioned around $102 per barrel as of Thursday, according to Trading Economics. After experiencing a rise since the start of October, these prices previously dropped to $88 per barrel on October 7th.
Following the U.S.-led operations against Iran starting on February 28th, oil and gas prices surged, with crude oil peaking over $112 per barrel at the beginning of April. There was a significant drop at the end of June, when prices fell below $70 per barrel, although they have since increased again while staying below the April highs.
Dan Jorgensen, the energy commissioner of the European Union, has informed the press that member states have reiterated their pledge to release 42.6 million barrels of reserves in the coming months, with approximately half of these being diesel.
French Economy Minister Roland Lescure discussed on Thursday that the aforementioned release will happen over the next three months.
Additionally, U.S. Central Command (CENTCOM) announced on Sunday that U.S. forces have facilitated the export of more than 1.5 billion barrels of crude oil through the Strait of Hormuz since the summer.
President Donald Trump also indicated on Tuesday that one million barrels of oil from Venezuela had arrived, stating that this was at no cost to American taxpayers and is part of what he described as the largest oil deal in history.
