Gasoline prices in the US are lower than they were a year ago. Lower fuel prices will provide a relief for Americans, who face the worst inflation in decades in 2022.
At the moment, the average cost of a gallon of gasoline in the United States is $3.33. A year ago, the price of fuel was $3.34.
Fuel prices peaked in June. Back then, it was just over $5 a gallon. Since then, the price of gasoline has fallen. The decline was triggered by the economic downturn, and concerns that a global recession lowered the cost of oil. Over the past week, average prices in the US have fallen by 14 cents and by 47 cents over the past month.
Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted that gasoline deflation was “alive and well”. He also wrote about a sharp drop in prices in California, where they had previously been particularly high.
Lower energy prices may help reduce consumer inflation. November’s inflation data will be released next week.
This week, Brent and WTI oil futures fell almost 10%, hitting their low for the year.