The plunge in gasoline prices hit another milestone on Friday, with the national average sinking to the lowest level since September 2021
The sharp decline in pump prices is encouraging news for consumers after a year of high prices for groceries, rent and other essentials. A gallon of regular gas now sells for an average of $3.18, according to AAA. That marks a decline of 14 cents in the past week and 56 cents in the past month. The last time the national average was cheaper than $3.18 was September 14, 2021, according to AAA.
For instance, the same recession fears rocking the stock market have raised concerns in energy markets about weaker demand ahead. De Haan said US gasoline demand has been “quite soft” even for this time of the year, due at least in part to economic uncertainty. Worries about China’s economy and Covid-19 policies have also weighed on energy markets. On the positive side, US refineries have ramped up production of gasoline, diesel, jet fuel and other petroleum products.
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