Gasoline Prices Sink to Lowest Since February as Demand Sags
USEG
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(Bloomberg) — Gasoline prices in the US have fallen to their lowest level since before Russia invaded Ukraine back in February.
The average national pump price now stands at $3.546 a gallon, erasing all gains related to war disruptions, according to auto club AAA. The decline follows continued soft demand and growing supply — the same bearish factors driving sharp losses in oil and gasoline futures.
Prices have weakened as refineries have returned from maintenance, while the country’s fuel consumption lags seasonal norms, according to the most recent US Energy (NASDAQ:USEG) Information Administration data for the week ended Nov. 18.
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