GasBuddy: China/U.S. Talks Behind Gas Price Volatility

Average fuel prices declined slightly again for the second straight week as farmers attempt to harvest their crops with the national average price of gasoline posting a drop of 0.7 cents over the last week to $2.63 per gallon according to GasBuddy data.

While farmers are in the fields and dealing with trade uncertainties and a challenging harvest, GasBuddy says the ongoing trade war with China is providing more overall volatility to gas and crude oil markets, at a time of year when the market typically sees prices steadily fall.

Patrick DeHaan, head of petroleum analysis for GasBuddy, says “I can’t remember an autumn where we saw so many factors that could impact prices so quickly and in such different directions,” adding “expect this roller coaster to continue.”

Data from the Energy Information Administration showed oil inventories surging nearly ten million barrels as refined products inventories moved lower as refinery maintenance season continues.

The average price of diesel fell 1.1 cents to $2.98 per gallon last week.