why are gas prices dropping

Gas prices are dropping primarily due to a combination of factors including a significant drop in demand as the busy summer travel season taps off into autumn, an ample global oil supply boosted by increased production from both OPEC+ and non-OPEC producers, and a steady decline in crude oil prices. Additionally, seasonal factors contribute, such as refineries shifting to a cheaper winter fuel blend and cooler weather reducing demand for heating fuels. Economic slowdowns globally have also contributed to reduced consumption of crude oil and gasoline. Together, these cause a surplus in supply relative to demand, pushing prices downward. This trend is expected to continue as the fall season progresses unless there are major geopolitical or supply disruptions.