An EIA analysis of fuel price data during three years determined that average gas prices were the lowest on Mondays. The worst day for drivers to fill up is Thursday. Refiners and distributors typically do not adjust prices until after commodity markets open on Monday. Trading in the crude oil markets is minimal over the weekend. Many gas stations opt to "let it ride" over the weekend which can result in the lower prices by the beginning of the week. The data found that during last year, Monday generated the lowest average gasoline prices in 36 states, while eight states saw Tuesday leading the cheapest prices.
OPEC's agreement to cap oil production has kept the supply low and forced price hikes but an increase in shale production is helping alleviate pressure at the pump. Some think OPEC could drop the production limits, "While this sounds crazy, I feel confident it will happen. If we see the cap removed, oil prices would re-test the 2016 low of $26.05 and this means consumers could see a 50% discount at the pump," said Chris Faulkner, the CEO of Breitling Energy.
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