Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country might soon fall.
The national average price for a gallon of gasoline now stands at $4.78, according to the American Automobile Association (AAA), down from a recent peak above $5 per gallon. A year ago, the national average was only $3.13, representing a 50-percent annual spike in the price of gas.
- The price of U.S. crude oil fell more than 8 percent and international benchmark Brent crude fell nearly 10 percent on Tuesday.
- “We’re on the cusp of seeing more savings,” said Patrick De Haan, head of petroleum analysis at gas price tracking site GasBuddy. “I’m trying to be a little bit optimistic here that this relief could make its entire way to the pump in the weeks ahead.”
Continue reading the Energy update from The Hill -> https://thehill.com/policy/energy-environment/overnights/3548202-energy-environment-why-gas-prices-may-finally-be-on-the-way-down/
|A motorist fills up a vehicle at a Shell gas station Monday, July 4, 2022, in Commerce City, Colo. (AP Photo/David Zalubowski)|