Price of oil

The states with the most expensive gas prices

Data: AAA; Cartogram: Andrew Witherspoon/Axios

The average gas price sits at $2.86 per gallon, much lower than last year around this same time. That is good for American drivers, of course, and it will also likely keep at bay President Trump's semi-regular tweets blaming OPEC for high oil prices. Trump wants low gas prices going into his reelection campaign.

The backdrop: A big drop in gasoline demand has, somewhat ironically, pushed pump prices down, AAA said this week, citing just released government data. The drop in demand is likely due to recent bad weather in parts of the country, and AAA expects prices to rebound in the week leading up to Memorial Day.

Oil prices shake off Venezuela bounce

Portrait of Nicolas Maduro
A portrait of Nicolás Maduro. Photo: Ruben Sevilla Brand/picture alliance via Getty Images

Oil prices fell on Wednesday as the fears of an escalation in Venezuela's political crisis faded, and U.S. inventories posted a surprise increase, adding to global supply. Crude prices have largely wiped out the politics-driven rally that began on April 22 after the U.S. decided to end sanctions waivers for countries importing Iranian oil.

What's happening: U.S.-backed Venezuelan opposition leader Juan Guaidó attempted to seize power from Nicolás Maduro on Tuesday, but has not been able to declare victory.