# Petrol Prices Expected to Drop Further Next Week Petrol prices are forecasted to continue their downward trend in the coming week, following a series of drops that have brought prices to their lowest point since February [1]:. The U.S. Energy Information Administration (EIA) reports that the national average price for a gallon of gasoline has dipped to $3.31, a decrease of seven cents compared to the previous week [3]:. This trend is expected to continue, especially as we transition into fall [2]:. ## Factors Contributing to Falling Prices The decline in petrol prices can be attributed to several factors. Firstly, the unexpected drop in crude oil prices in July and early August, triggered by economic uncertainties and geopolitical tensions, has had a direct impact on petrol prices [1]:. Additionally, the shift in global oil demand patterns, with a downturn in Chinese oil demand and a relative increase in demand from advanced economies, especially the United States, has also contributed to the price decrease [1]:. Furthermore, the U.S. oil production reaching an all-time high combined with slightly lower demand compared to the previous year has added to the downward pressure on prices [5]:. ## Regional Price Trends Every region in the U.S. has seen a decrease in petrol prices [3]:. The Midwest and Rocky Mountain regions have experienced the most significant decrease, with prices dropping by eleven cents week-over-week [3]:. Diesel prices, too, have seen a drop, with the Midwest region experiencing the largest decrease [4]:. ## Outlook for the Rest of the Year Experts forecast that the national average petrol price is likely to continue declining, barring any unforeseen disruptions [5]:. The price of crude oil, which is the primary determinant of petrol prices, is expected to remain low, allowing for further decreases at the pump [5]:. However, factors such as the looming hurricane season could introduce volatility into the market [6]:. ## Media ![](https://cdn.litemarkets.com/cache/uploads/blog_post/UPDATES_WEEKLY/Rodionov_weekly/26-08-2024/USCrude_analysis_26.08.24.png?q=75&s=b381147006a9fa679da629813f60eee7) Source: [LiteFinance](https://cdn.litemarkets.com/cache/uploads/blog_post/UPDATES_WEEKLY/Rodionov_weekly/26-08-2024/USCrude_analysis_26.08.24.png?q=75&s=b381147006a9fa679da629813f60eee7)