National Average Price of gas Dips as oil Prices Drop on Recession Fears – bigcountrynewsconnection.com

Science & Technology

Mostly clear. Low 57F. Winds light and variable..
Mostly clear. Low 57F. Winds light and variable.
Updated: June 21, 2022 @ 9:39 pm

WASHINGTON, D.C. – The national average for a gallon of gas has fallen below $5. The primary cause is the tumbling cost of oil, which fell from $122 to around $110 per barrel due to fears of a global recession and its associated economic slowdown, according to AAA. As a result, the national average for a gallon of gas was $4.96 Tuesday morning, a nickel less than a week ago.
Despite the national downward trend, Idaho prices were at new record highs Tuesday morning – $5.188 for regular, $5.854 for diesel.
“The recent high prices may have led to a small drop in domestic gasoline demand as fewer drivers fueled up last week,” said Andrew Gross, AAA spokesperson. “This dip, coupled with less costly oil, has taken some steam out of surging pump prices. And this is happening right before drivers gas up for what AAA forecasts will be a busy July 4th travel weekend.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 700,000 bbl to 217.5 million bbl last week. Meanwhile, gasoline demand declined slightly from 9.2 million b/d to 9.09 million b/d. The slight drop in gas demand has helped to limit pump price increases. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.
Today’s national average of $4.96 is 37 cents more than a month ago, and $1.89 more than a year ago.
Clear to partly cloudy. Low 57F. Winds light and variable.
Clear to partly cloudy. Low 57F. Winds light and variable.
A mainly sunny sky. High 86F. Winds N at 5 to 10 mph.
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