Less demand and stagnant oil prices has led to lower gas prices for drivers

Gas prices have dropped by two cents since last week.  (iStock)

Good news for spring and summer travelers: gas prices continued their downward trend this week, averaging $3.46 per gallon, AAA reported. This is a two-cent drop from last week, and a 15-cent drop compared to last month.

Low demand and an excess gas supply are the two driving factors in the price decrease. Oil demand went up slightly from 8.94 million barrels per day to 9.04 this past week, Energy Information Administration (EIA) data found.

“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” Andrew Gross, AAA spokesperson said. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam? We may not know until autumn.”

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These 10 states saw the largest changes in gas prices

Since last week, 10 states have seen larger fluctuations in gas prices than others. These are the states with the largest changes, both positively and negatively:

  • Ohio (+17 cents)
  • California (-10 cents)
  • Nevada (-10 cents)
  • Alaska (-10 cents)
  • Michigan (+9 cents)
  • Illinois (-9)
  • Indiana (+9)
  • Florida (-8)
  • Washington (-7 cents)
  • Utah (-7 cents)

There are a few states where residents pay less than $3 at the pump, and some pay just over. Here are the least expensive markets:

  • Mississippi ($2.93)
  • Arkansas ($2.95)
  • Oklahoma ($3.01)
  • Louisiana ($3.01)
  • Texas ($3.02)
  • Kansas ($3.02)
  • Tennessee ($3.03)
  • Missouri ($3.05)
  • Alabama ($3.08)
  • South Carolina ($3.11)

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Many drivers want anti-speeding tech in new cars

Not all car technology is welcomed by drivers, but over 60% would find it acceptable if anti-speeding technology was added to new cars, according to a survey by the Insurance Institute for Highway Safety.

Anti-speeding technology, as described in the survey, would involve audible and visual warnings when a driver goes over the posted speed limit.

“These findings are exciting because they suggest American drivers are willing to change how they drive to make our roads safer,” IIHS President David Harkey said. “The conventional wisdom has always been that speed-restricting technology would never fly in our car-centric culture.”

Drivers surveyed also said they wouldn’t mind technology that automatically restricts speeds or makes it more difficult to push the accelerator pad. Since speeding has amounted in over 12,000 deaths in 2022, it’s not all that surprising that Americans are more willing to take protective measures to stop it.

“We can no longer pretend this [speeding] is an unsolvable problem,” IIHS Senior Research Scientist Ian Reagan said. “With the technologies we have now, we could stop virtually all speeding and eliminate speeding tickets to boot. Instead, we seem to be going the opposite direction, with adaptive cruise control and partial automation systems that allow drivers to peg their speed at 90 mph if they want.”

Another feature over 80% of drivers surveyed want to see is a display of the posted speed limit, so they could more easily keep track of it. More than 70% of drivers also wanted a loud tone to sound in the car when the speed limit changes.

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