Tuesday, December 06, 2022

Average petrol price in the US continues to fall and may fall further, depending on what?

AAA reported that from Monday, The national average for a gallon of regular gasoline fell 3 cents to $3.82, continuing the decline of recent weeks.,

Today the average price per gallon nationwide is $3,796, according to AAA.

According to new data from the Energy Information Administration (EIA), Gas demand rose to 8.59 million barrels per day (b/d) from 8.43 million barrels per day (b/d) last week., However, the rate is about 1 million b/d less than the last week of August 2021.

According to the EIA, total domestic gasoline stocks declined by 1.1 million barrels (bbl) to 214.5 million bbl. Although the demand for petrol has increased and the supply has decreased, Low oil prices have led to a drop in gas station prices.

AAA notes that if oil prices continue to fall, Drivers likely to see pump prices drop ahead of Labor Day weekend,

At the end of the formal trading session on Wednesday, the WTI closed down by $2.09 at $89.55. Crude oil prices tumbled this week amid market concerns that demand for crude will decline if economic growth slows or stalls due to a slowdown. Crude oil prices are also likely to change if demand declines due to a slowdown in economic activity.

The EIA’s latest weekly report also showed that total commercial crude inventories declined by 3.4 million bbl to 418.3 million bbl last week.

“Despite crude stocks falling by 7.1 million barrels from inventory levels at the end of August 2021, fears of a recession have driven crude prices down”AAA noted.

States with highest weekly decline:

, Rhode Island, -14 Centavos
, Connecticut -14 Centavos
, In Maine, -14 Centavos
– Vermont, -13 St.
– Delaware, -13 cents
– Montana. -13 cents
– New Jersey, -12 cents
– Massachusetts, -12 Centavos
– Maryland, -12 cents
, New York, -11 St.

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