Gasoline prices in the United States have now fallen for 30 straight days, a trend that will provide some relief to consumers who are going through the worst period of inflation in 40 years.
The average U.S. price for regular unleaded fuel fell to $4.61 a gallon, according to AAA data released Thursday. This compares to the $5.02 average seen a month ago.
But prices remain unevenly distributed across the country and are still well above the $3.15 per gallon average seen last July.
Gasoline prices fall along with the price of oil. Benchmark Brent crude has fallen around $23 a barrel over the past month due, in part, to fears of a global economic slowdown, experts said. Notably, global oil production has improved, the International Energy Agency said this week, helping to put downward pressure on prices.
Patrick De Haan, head of oil analysis at gas price tracking website GasBuddy.com, said prices are expected to fall further.
“Barring unexpected refinery issues, hurricanes and geopolitical changes, we could see the national average drop below $4 a gallon by mid-August,” he said in an email. .
The lowest U.S. prices are in the Southeast, according to AAA data, while prices in some mountainous states, the West Coast and Illinois — which have higher gasoline taxes — remain above $5 a gallon.
In the United States, the average premium gasoline price remains at $5.35 per gallon, according to AAA data.
President Joe Biden will visit Saudi Arabia this weekend, where he is expected to discuss increasing oil production in the region.
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Post expires at 2:39am on Thursday July 21st, 2022