(WKBN) – GasBuddy is reporting that the decline in gas prices could be coming to an end soon.
For the ninth consecutive week, the nation’s average gas price has fallen, declining 9.9 cents from a week ago to $3.92 per gallon Monday, according to Gasbuddy.
The national average is down 63.7 cents from a month ago but 74.8 cents higher than a year ago.
“The streak of downward prices is at risk of being broken this week with wholesale gasoline prices having bounced back some 40 cents per gallon as oil prices have rebounded,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes. While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better-than-expected jobs report last week likely means less demand destruction than anticipated.”
Demand destruction is when the price of gas remains elevated above normal for an extended period of time, destroying the demand. De Haan says there will be less of that heading into this week, which would stop the decline of prices or elevate them.
Concerns over demand and an economic slowdown were impacting oil markets Monday, pushing prices down.