Gas prices have fallen to averages not seen since before Russia invaded Ukraine, a sign that the global economy is in rough shape.
The decrease in the national average of gas prices may be a sign of economically turbulent times to come.
The average price per gallon of gas in the U.S. on Thursday is $3.47, according to AAA, representing the biggest weekly decline Americans have experienced in nearly four months. "Increasing supply and fewer drivers fueling up have pushed pump prices lower," AAA reported."As demand remains low and stocks grow, drivers will likely see pump prices keep falling."
Energy Information Administration data last week showed gas demand fell from 8.74 million barrels to 8.33 million barrels per day, while domestic gasoline stocks rose by more than 3 million barrels to 211 million barrels.Wednesday that gas prices nationally were just 6.2 cents higher than the same time last year. It is also the lowest average since February 7, or about two and a half weeks before Russia invaded Ukraine.
When asked how global economics and COVID lockdowns in China played into decreased prices, De Haan told"U.S. demand is also easing, and refiners continue to process oil at a very high seasonal rate, helping on supply," he said."Things are all going right for once and consumers are benefitting. But the
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