U.S. pump prices continued to fall this weekend even as the violence in Israel and the Gaza Strip pushed oil prices higher. Pump prices may reverse if the fighting escalates.
U.S. gasoline prices continued to slide into the weekend, despite an abrupt upturn in oil prices on Friday. That was a reaction to continued violence in Israel and the Gaza Strip in the Middle East.American Automobile Association said
, down slightly from Saturday's $3.609 a gallon and 28 cents, or 7.2%, from $3.881 on Sept. 18. That was the highest price this year. Sunday's decline was the 17th decline in a row and the 25th in the 26 days since Sept. 18. The AAA national average has fallen 28 cents a gallon, or 7.2%, in that time. For comparison, on October 15, 2022, the national average was $3.892 a gallon.
The gas-price decline has mirrored the trend of crude oil prices. West Texas intermediate, the benchmark U.S. crude, had a closing peak of $93.68 a 42-gallon barrel on Sept. 27. That was a 16.7% gain on the year.On Friday, however, oil markets abruptly surged, with WTI closing up 5.8% to $87.69. Clearly, the price jump was a reaction to worries about escalating violence between Hamas and Israel.
Oil markets don't trade between Friday's close and the start of Monday trading at 6 p.m. ET on Sundays. AAA's Sunday price was available early Sunday.AAA said counties in nine states were reporting prices dropping below $3 a gallon.
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