• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 mins Changing Gazprom ADRs to Russian shares
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Buffett Boosts Oxy Stake Above 20%

Gas Shortage Sparks Energy Security Fears In Asia

Gas Shortage Sparks Energy Security Fears In Asia

Russia’s invasion of Ukraine has…

Can Libya Regain Its Reputation As A Reliable Oil Nation?

Can Libya Regain Its Reputation As A Reliable Oil Nation?

Libya’s oil production is finally…

U.S. Gasoline Prices Are Finally Falling

U.S. gasoline prices are starting to slide, AAA data showed on Wednesday. The average price of a gallon of gasoline in the United States has fallen to $4.779, AAA data shows—a decrease of nearly 9 cents per gallon on the month.

According to Gas Buddy’s Patrick De Haan, the downward trend could continue in the coming days and weeks, with “thousands of stations falling back under $4 per gallon,” De Haan said in a Wednesday tweet. The states that should see the most relief at less than $4 per gallon are South Carolina, Georgia, Mississippi, Louisiana, Arkansas, Texas, Alabama, Tennessee, and North Carolina, he said.

Gasoline prices continue to be worrisome for the Biden Administration, whose party faces critical mid-term elections this fall. In a recent ABC News/Ipsos poll, 74% of Americans reported that gas prices are an important factor in how they will vote in the fall. It will be the first midterm to contend with a gasoline price hike of this magnitude.

The Biden Administration has released 146 million barrels of crude oil from the nation’s stockpiles since taking office in order to curb high prices at the pump for American drivers, but gasoline prices are still up $1.645 per gallon from a year ago, AAA data shows, when gasoline prices were just $3.134 per gallon. U.S. refineries are running near-maximum capacity at 95%, and some of the barrels being released from the SPR are now heading overseas.

The price of WTI has fallen by more than $13 in the last week, while Saudi Arabia announced crude oil price hikes for August for its prized market, Asia.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News