U.S. Gasoline Prices Are Finally Falling

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U.S. Gasoline Prices Are Finally Falling

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Commodity

Oil

Writer

IPG Staff2

Oil · 07 July, 2022

U.S. Gasoline Prices Are Finally Falling

U.S. gasoline prices are starting to slide, AAA data showed on Wednesday. The average price of a gallon of gasoline in the United States has fallen to $4.779, AAA data shows—a decrease of nearly 9 cents per gallon on the month.

Commodity

Oil

Writer

IPG Staff2

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According to Gas Buddy’s Patrick De Haan, the downward
trend could continue in the coming days and weeks, with “thousands of stations
falling back under $4 per gallon,” De Haan said in a Wednesday tweet. The
states that should see the most relief at less than $4 per gallon are South Carolina,
Georgia, Mississippi, Louisiana, Arkansas, Texas, Alabama, Tennessee, and North
Carolina, he said.

 

Gasoline prices continue to be worrisome for the Biden
Administration, whose party faces critical mid-term elections this fall. In a
recent ABC News/Ipsos poll, 74% of Americans reported that gas prices are an
important factor in how they will vote in the fall. It will be the first
midterm to contend with a gasoline price hike of this magnitude.

 

The Biden Administration has released 146 million
barrels of crude oil from the nation’s stockpiles since taking office in order
to curb high prices at the pump for American drivers, but gasoline prices are
still up $1.645 per gallon from a year ago, AAA data shows, when gasoline
prices were just $3.134 per gallon. U.S. refineries are running near-maximum
capacity at 95%, and some of the barrels being released from the SPR are now
heading overseas.

 

The price of WTI has fallen by more than $13 in the
last week, while Saudi Arabia announced crude oil price hikes for August for
its prized market, Asia.

 
















By Julianne Geiger / Jul 06, 2022, 4:09 PM