U.S. gasoline prices moved lower in early August as crude oil costs eased, and seasonal travel demand began to moderate. According to AAA, the national average price for a gallon of regular gas fell three cents during the week ending August 6, reaching $4.06 per gallon, down from $4.10 the previous week.

AAA attributed the decline primarily to lower crude oil prices, which have retreated into the $70 per barrel range amid improving global supply expectations.

Seasonal patterns are also contributing to the recent decline. As schools and universities begin fall semesters and summer vacations come to an end, road travel typically slows, reducing gasoline demand compared to peak summer levels. According to AAA, approximately half of U.S. states are now reporting average gasoline prices below $4 per gallon.

Source: AAA.com