Gas prices heading down ahead of summer: What’s driving the drop?

Gas prices heading down ahead of summer: What’s driving the drop?

Your eyes aren’t deceiving you – gas prices are down across Alabama.

The reasons why are a little curious.

According to AAA Alabama, the average price of a gallon of unleaded gasoline this morning across the state is $3.11 a gallon, down from $3.19 one week ago. A month ago, that average was $3.27.

You can even find gas below $3 a gallon in Marshall and Cherokee counties, according to the averages there.

In fact, Alabama is currently the fourth cheapest market for gas in the country, according to AAA.

As you might remember, it’s been a lot worse. A year ago, the average was $4.01, on the way to the all-time Alabama record of $4.63 record on June 14 of last year.

Nationally, the AAA average is $3.53 a gallon.

So what’s driving the dip? The approach of summer usually sees an increase in gas prices.

However, a number of factors are in play, according to AAA – a drop in the price of oil, fears of a recession, a significant drop in demand, and an increase in domestic supply.