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Gas price drop hits 30 straight days as oil prices continue collapse
Record-high gas prices might be in the rearview mirror for drivers, as prices at the pump have now fallen 30 days in a row amid a drop in crude oil.
Record-high gas prices might be in the rearview mirror for drivers, as prices at the pump have now fallen 30 days in a row amid a drop in crude oil (CL=F).
International oil prices dipped below $100 on Thursday to levels last seen before Russia invaded Ukraine, with Brent crude (BZ=F) — the international benchmark — down about 5% trading under $100 a barrel, the lowest level since February. West Texas Intermediate (WTI) also dipped Thursday to above $93 after trading above $95 Wednesday.
Recession concerns and a boost in the strength of the U.S. dollar have weighed on oil prices as both benchmarks have turned lower.
The average price for a gallon of regular-grade fuel slid to $4.65 in the week that ended Monday, according to the U.S. Energy Information Administration. That reading marks the fourth straight weekly decline below the mid-June peak of $5.01 a gallon.
Daily price data has been more encouraging. The nationwide average dipped to $4.61 on Thursday, according to AAA, down from the record high of $5.02 recorded on June 14. Separately, the fuel-price tracker GasBuddy recorded a nearly $0.45 decline in the average price per gallon on Thursday, estimating that American drivers will spend "$165 million less today" than a month ago.
California drivers, who face the highest gas prices in the nation, are seeing relief at the pump as the average price for a gallon of gas in the state Thursday is $5.99, according to AAA.
A man pumps gasoline into his car at a gas station in Millbrae, California, May 16, 2022. (Photo by Li Jianguo/Xinhua via Getty Images)
Should crude oil prices continue to tumble, stations across the country will lower prices by $0.01 or $0.02 every couple of days, Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted last week.
With the multi-week decline in gas prices, De Haan believes the national average price for regular gas could drop to $3.99 by August 14. More than 26 states are already selling gas for $3.99 or less, and that number could climb, he added.
