Gasoline prices take a tumble to start May

Published: May. 2, 2023 at 8:46 PM CDT
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TUSCALOOSA, Ala. (WBRC) - Have you seen the gas pumps lately? If so, you may’ve noticed the price per gallon of regular unleaded gasoline has dropped a bit recently and a significant drop compared to one year ago.

AAA says the average price per gallon right now is $3.18 per gallon, 7 cents lower than one week ago and a whopping 67 cents lower than it was this time one year ago.

The drop in gasoline prices couldn’t come at a better time, when you consider Memorial Day is later this month. AAA spokesman Clay Ingram says much of the drop is due to the fact the industry has gotten used to the Russia-Ukraine war that’s been going on for more than a year now. In other words, the war and its effects are now part of the equation.

“This year, we haven’t seen that much volatility. The dust has settled on that Russia-Ukraine a little bit. Our prices have dropped noticeably, and there are some other countries whose demand have tapered off a little bit well, lately, and anytime our global demand is down, we’re going to see our global prices go down, too,” said Ingram.

Ingram says the current average cost for a gallon of diesel in Alabama is $3.88.

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