Gas prices remain volatile all across the country as we head into drive time for the Thanksgiving holiday.
The Biden Administration yesterday released 50 million barrels of oil from the nation’s emergency stockpile to lower energy prices, amid talks of a slowing economy. The administration hopes it will put pressure on crude prices and foreign oil producers to up output and lower costs.
The release of the stockpile will be in parallel with China, India, Japan, South Korea and the United Kingdom. The national average price for a gallon of gas is $3.40, down a penny since last week.
Locally, the price dip has been felt a little. Yesterday in Jacksonville, a gallon of gas is at an average of $3.34, down a penny from a week ago. Morgan and Scott Counties are still the best places in West Central Illinois to fill up. Sangamon County and Springfield top out near $3.48, Cass is at $3.55, Greene is at $3.46, and Brown is at $3.49. The state average is at $3.57 a gallon.
Molly Hart of AAA says the lower prices may be temporary until global oil productions gets back to pre-pandemic levels. According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 700,000 barrels last week, and gasoline demand also dipped. The decrease in demand, alongside stocks, has helped to steady pump prices. However, gasoline prices will likely remain elevated as long as oil prices are near or above $75 per barrel.
This is the second straight week since late July where prices have not gone up. Growing fears of COVID-19 restrictions and record high inflation, will be secondary factors into gas prices for the remainder of this Thanksgiving travel season.