Gas prices sink to 2023 lows on weak demand, increased production

Gasoline prices hit their lowest levels of the year on weaker seasonal demand and increased production from refineries coming back online.

The national average for regular driving fuel sat at $3.20 per gallon on Thursday, according to AAA data. The last time gas prices were this low in 2023 was on Jan. 1 at $3.21.

Government data released this week showed gasoline stockpiles rising by more than 5 million barrels last week versus estimates of 1.3 million.

Prices at the pump are expected to continue declining, shaving off another $0.05 to $0.07 per gallon in the coming week, Andy Lipow, president of Lipow Oil Associates, said.

"We've seen oil prices slide over the last week, and they're taking gasoline and diesel down with it. So across the board energy is getting cheaper for the consumer," Lipow told Yahoo Finance.