USA Gasoline Price Drops to Under $4

USA Gasoline Price Drops to Under $4
The U.S. regular average gasoline price dropped to under $4 per gallon on Thursday.

The U.S. regular average gasoline price dropped to under $4 per gallon on Thursday, according to the AAA gas prices website.

Thursday’s average was $3.990 per gallon, down from the previous day’s average of $4.010 per gallon, Thursday’s week ago average of $4.139 per gallon and Thursday’s month ago average of $4.678 per gallon, the AAA site showed. Thursday’s year ago average was $3.185 per gallon, while the highest recorded average price of regular gasoline in the U.S. was seen on June 14 - at $5.016 per gallon - the AAA site highlighted.

When asked what caused the average regular gasoline price in the U.S. to decrease below the $4 per gallon threshold, Devin C. Gladden Manager, AAA’s manager of federal affairs, said “weak gas demand and decreasing oil prices caused the national average to drop”.

Gladden also highlighted that the last time this figure was below $4 per gallon was on March 5, 2022, when it was $3.9216 per gallon.

As of August 12, the average U.S. regular gasoline price stood at $3.978 per gallon, according to the AAA gas prices website. Today’s week ago average stood at $4.113 per gallon, the month ago average stood at $4.655 per gallon and the year ago average stood at $3.186 per gallon, the AAA site showed.

Several states – including Texas, Oklahoma and Kansas – have average regular gasoline prices of $3.5 per gallon or below on Friday, according to the AAA site. Others, however, - such as California, Nevada and Hawaii - still have average regular gasoline prices of near or over $5 per gallon, the site highlights.

According to a new report from Standard Chartered, the U.S. driving season proved a major disappointment for the oil market.

“The driving season, which most assume starts in late May, has not provided the usual boost to demand this year,” analysts stated in the report, which was sent to Rigzone.

To contact the author, email andreas.exarheas@rigzone.com



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.