US Gas Prices Drop Amid OPEC+ July Production Increase

Gasoline prices across several U.S. states and nationally have generally declined in the past week, influenced by factors such as stable crude oil prices and OPEC+ production decisions. Illinois saw a drop of 5.2 cents per gallon, averaging $3.34, while Georgia's average decreased by 3 cents to $2.88 per gallon, with local prices varying by county. Nationally, the average gas price fell 3.8 cents to $3.09 per gallon, largely due to resolved refinery issues and increased gasoline shipments, though oil prices rose following OPEC+'s announcement to increase production by over 400,000 barrels a day starting in July. Michigan's gas prices dropped to $3.08 per gallon, below the national average, with lowered crude oil prices contributing to the decline and expectations that prices could fall further if demand wanes. In the Philadelphia market, prices dipped 3.3 cents to $3.15 per gallon, but remain higher than a month ago, with notable price variation across stations. Experts caution that the ongoing hurricane season and global events could disrupt supply chains and cause price volatility despite current downward trends.