USA Gasoline Price Falls

The average gasoline price in the U.S. has fallen below $5 per gallon, according to the AAA gas prices website.

The current average price for regular gasoline in the U.S. is $4.981 per gallon, the AAA site highlights. Yesterday’s average price for gasoline in the U.S. was $4.983 per gallon, the week ago average was $5.014 per gallon, the month ago average was $4.593 per gallon, and the year ago average was $3.070 per gallon, according to the AAA site.

The average diesel price in the U.S. came in at $5.815 per gallon, marking a one cent drop from yesterday’s average of $5.816 per gallon, the AAA site outlined. The diesel price is still up compared to last week’s average of $5.770 per gallon, however, the AAA site highlighted. The month ago average diesel price was shown to have come in at $5.570 per gallon and the year ago average diesel price was shown to have been $3.222 per gallon.

According to the AAA site, the highest recorded average price of regular unleaded gasoline and diesel was recorded on June 14, at $5.016 per gallon, and June 19, at $5.816 per gallon, respectively.

In a market note sent to Rigzone on Saturday, Kayrros, which describes itself as the leading advanced energy and environmental geo-analytics company, said there are fledgling signs that high prices at the pump are starting to deter U.S. motorists.

“Average retail gasoline prices in the U.S. recently passed $5 per gallon, an all-time high in nominal terms if not as a percentage of household expenditures, and U.S. driving demand recently slipped back below 2021 levels,” Kayrros stated in the market note.

In a separate report sent to Rigzone on Friday, Standard Chartered noted that U.S. transport fuel demand indicators have been weak in recent months, adding that year on year growth has disappeared in gasoline while distillate demand, mainly diesel, has moved into significant year on year declines.

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