US Gasoline Prices Drew Back to $5

US Gasoline Prices Drew Back below $5

The decrease of US Gasoline is followed by crude oil’s 6% drop

As recession fears grow and oil demand is also getting weak due to this fear, crude oil prices recorded a 6% daily loss. On Saturday US gasoline dropped below $5 per gallon.

The latest updates from American Automobile Association (AAA) showed that the national average of regular US gasoline is at $4.989 per gallon (3.785 liters) which is low as compare to the previous day’s $5 and also week’s ago $5.004

According to the data, US gasoline has come down a little bit but still standing at higher levels. It is 9.2% above the last month’s price which was $4.567 and 62.3% above last year’s price which was $3.073.

The price of premium US gasoline national average is $5.684 per gallon, and the average price of diesel is $5.811.

The state of California recorded the highest gasoline prices at $6.408 and Nevada at $5.656.

The prices of US gasoline came below when benchmark Brent crude dropped 5.2% to $113.61 per barrel on Friday. While the international benchmark Brent crude dropped more than 6% to the level of $110.48 per barrel.

It is all because of the offensive monetary policy around the globe by the US Federal Reserve and some of the central banks as recession fears increase and oil demand is getting weak as well. 

Inflation is also rising with an increase in high gasoline prices in the US and annual consumer prices reached 8.6%. It’s one of the largest jumps since December 1981.