London, Wednesday, 6 July 2022
As recession worries put downward pressure on the outlook for oil demand and drive down crude prices, US gasoline prices plummeted Wednesday to their lowest level since May.
According to data from the American Automobile Association, the national average for regular gasoline was $4.779 a gallon (3.785 litres), slightly less than the previous day's average of $4.800, the week's average of $4.868, and the month's average of $4.865.
According to data from the US Energy Information Administration, the national price reached its lowest level since the week ending May 30 when it averaged $4.624.
However, the most recent price is still up 52.5% from $4.779 a year ago.
California reported the highest price at $6.217, followed by Hawaii ($5.616) and Alaska ($5.543).
Brent crude, the global standard for oil prices, dropped below $100 per barrel on Wednesday for the first time since April 25. It reached a low of $98.59 during the day, the lowest level since April 11.
West Texas Intermediate, the American benchmark for crude oil, dropped to $95.17, its lowest level since April 12.
Both benchmarks fell more than 8% on Tuesday as economic worries impacted the outlook for the world's oil demand.
(Reporting by: The Decision Maker – Finance editors)