Gas Prices Fall to Lowest Levels in 50 Days

By Kurt Stolz on 3 August 2022
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The adage “What goes up must come down” is apparently applicable to fuel prices, which have declined significantly since hitting a record $5.01 per gallon in June.

The price drivers will pay at the pump for a gallon of gasoline will be lower than what they have paid in recent weeks but near record high prices continue.

The average price per gallon in the United States for regular gasoline was $4.19 according to figures from the U.S. Energy Information Administration.  That price is down $0.14 per gallon from the previous week and down $0.30 from prices in mid-July.

While lower prices are good news, the bad news is that the cost per gallon is still up $1.03 when compared with the same date one year earlier.

The price for one gallon of premium gasoline, which was at $5.59 at a Shell station in Whitestone, New York, in early June, is now down to $4.49.

The price for a gallon of diesel fuel, which in California had neared $7 in early June, is now $6.26.  The national average is $5.14, down $0.13 over the past week but up $1.77 when compared to the same period one year earlier.  The legislature there is considering a $400 per driver tax rebate to help offset the high prices.

Fuel prices surged following Russia’s invasion of Ukraine in March, which disrupted the global oil market.   Since then, Russia resumed selling oil to India, which freed up global supplies for Europe and the United States.  In addition, many drivers, after the attack, changed their driving habits to reduce fuel consumption, thereby lowering prices further.  Such strategies include combining errands on one trip and simply driving less.

(Photo: Accura Media Group)

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