As rampantly rising fuel costs continue to hit wallets in the United States, prices have finally started to drop.
The average U.S. price of regular-grade gasoline fell by 4 cents per gallon in the past two weeks to $5.05 for regular grade, it was reported Sunday. It was the first drop in nine weeks and came with a drop in oil prices amid deepening global inflation fears, industry analyst Trilby Lundberg said.
“As lower gasoline prices make their way through distribution to retail, consumers will likely see further declines in coming days,” Lundberg said.
The average price at the pump as of Friday was still nearly $2 higher than it was one year ago.
In June 2021 gas averaged $3.07 per gallon nationally.
“Crude prices have dropped this week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation,” AAA reported. “A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit.”
As of Thursday, AAA said the largest price decreases in the nation were in Washington, D.C.; Florida; Indiana; Maryland; South Carolina; Wisconsin; Ohio; Michigan; Kentucky and Texas. The price decreases for those areas were:
|Location||Price Drop||Current Average|
|District of Columbia||-$0.15||$5.06|
Nationwide, the highest average price for regular-grade gas was in the San Francisco Bay Area, at $6.39 per gallon. The lowest average was in Baton Rouge, Louisiana, at $4.39 per gallon.
The Associated Press contributed to this report.