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Fuel cost is down in part due to releasing oil from the US Strategic Petroleum Reserve. The release will stop in October.

It’s purely anecdotal but me and a bunch of people I know reduced driving quite a bit since the prices went up.

Is it possible that the demand went down? Could the recent price movements be partially attributed to the demand supply paradigm?

That's around the same time gas stations switch to cheaper winter-grade fuel and demand drops, so maybe the price drop will stick.