Gas prices have fallen for the third straight week, drivingto hit record pricesduring this year's inflation crisis Provided a slight relief to the hand.
According to AAA data, the national average price of gas fell to $ 4.779 on Wednesday, falling for the 22nd consecutive day.
This streak showed the longest consecutive price decline since the COVID-19 pandemic in April 2020, which squeezed demand for pumps.
"For the time being, Americans spend nearly $ 100 million a day on gasoline, which is lower than when prices peaked a few weeks ago. Gas prices recorded It's a very necessary remedy when it stays close to. " Patrick DeHaan, Head of Oil Analysis at GasBuddy.
On June 14, the national average reached a record $ 5.016 per gallon.
Gas price easing occurred as oil prices plummeted due to growing concerns about the US economy among traders. We are on the verge of recession. Oil prices are an important input for gas prices, which are later passed on to consumers.
US Benchmark, West Texas Intermediate Crude Index, and Global Benchmark The Brent Crude Index, which is, was trading at nearly $ 100 per barrel. This is well below the recent highs.
Meanwhile, as of Tuesday, gas demand was 8.93 million barrels per day, below the same period's demand level a year ago.
"These dynamics of supply and demand have pushed down pump prices as oil prices have fallen," AAA said in a blog post on this trend. "If these trends continue, drivers will continue to see pump relief."
Despite recent declines, gas pricesare still at historically high levels as the Russian-Ukrainian war and supply chain shocks spill over into the global energy markets. It is changing. Costs per gallon are almost $ 2 higher than last year, when the national average was $ 3.134.
The positive tendency of the driver may not last long. According to AAA, it is unlikely that pump bailouts will continue in July, which is considered the peak of the summer travel season.
"Domestic gasoline demand has recently fallen and some of the pressure on pump prices has been removed. Currently, about 80% of stations are regularly sold for less than $ 5 per gallon. "AAA spokeswoman Andrew Gross said.
"But July is usually the most demanding month as more Americans go out on the road, so this tendency to lower prices can be short-lived," Gross said. He added.
President Biden continues with apump Take action to bring about a low price.
The president blamed gas station companies for high costs and demanded low prices from them, after which he received sharp criticism over the weekend.
One of Biden's most prominent criticsaccused the president of making a misunderstanding of the situation Amazon founIt was der JeffBezos. ..
"It hurts. Inflation is a very important issue for the White House to continue to make such statements," Bezos said. "It's either a direct misunderstanding or a deep misunderstanding of the basic market dynamics."