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Weak demand, more supply easing pain at Nevada’s gas pumps

Drivers are leaving the pump with more in their wallet as the summer driving season warms up, according to oil industry experts. And the price declines are forecast to continue.

Average gas prices have fallen 14.4 cents a gallon in the past week to an average of $4.05 a gallon, according to Gas Buddy’s survey of more than 1,100 stations in Nevada.

Prices are 41.5 cents a gallon lower than a month ago and are 20.3 cents a gallon cheaper than one year ago.

“Gas prices have fallen across the country over the past week and the formula is in tact to keep it that way,” Nevada AAA spokesman John Treanor said. “Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.”

Gas Buddy petroleum analyst Patrick De Haan agrees.

“We’ve seen one of the larger weekly drops in the national average price of gasoline in some time, and what incredible timing that it comes at the beginning of the summer driving season,” De Haan said. “This price decline party is ramping up, and I expect additional declines ahead of July 4 for both gasoline and diesel prices. Six states now have average prices below $3 per gallon, and more will join soon, with the number of U.S. stations at $2.99 or lower already nearing 25,000. It’s a great start to summer for those hitting the road.”

With the price declines, De Haan points out that Americans will spend roughly $425 million less per week on gasoline than a year ago. In addition, the price of diesel has fallen alongside gasoline to its lowest level since Russia’s invasion of Ukraine in early 2022.

The national average price of gasoline has fallen 10.0 cents per gallon in the last week, averaging $3.40 a gallon on Monday. The national average is down 23.0 cents a gallon from a month ago and stands 18.2 cents per gallon lower than a year ago, according to GasBuddy data.

Las Vegas prices average $3.96 a gallon, down 14.3 cents a gallon from last week’s $4.11 a gallon.

California prices average $4.85. a gallon, down 12.8 cents a gallon from last week’s $4.98 a gallon.

Contact Marvin Clemons at mclemons@reviewjournal.com.

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