U.S. gasoline prices decline as crude oil retreats to $90 range

U.S. gasoline prices saw a decline at the start of October following a period of steady increases throughout September. The national average for regular gasoline fell by nearly seven cents per gallon to reach $4.41 on October 1, according to AAA.

This downward trend in retail fuel prices mirrors movements in the crude oil market. West Texas Intermediate (WTI), the primary U.S. crude oil benchmark, settled at $90.42 per barrel on September 30, retreating into the $90 range. Lower crude costs typically reduce input expenses for refiners, which can lead to lower prices at the pump.

In Georgia, the statewide average for regular gas dropped to $3.81 per gallon, down five cents from the previous week. While Georgia's prices remain below the national average—partly due to a state gas tax suspension by Governor Brian Kemp—drivers in the state are still paying nearly $1.00 more per gallon than they were one year ago.