Americans now pay less for gasoline than they did before to Russia’s invasion of Ukraine in February, as fuel prices continue to fall in response to a global demand slowdown.
According to statistics from AAA and the U.S. Energy Information Administration, the average price of a gallon of petrol is now $3.47, which is less than the average price of $3.53 per gallon that motorists paid the week of February 21, when Russia launched its military assault in Ukraine.
Russia’s invasion of Ukraine contributed to a dramatic increase in gas prices earlier this year, driving pump prices to a record $5.02 per gallon on June 14. The combination of high gas prices and growing expenditures for everything from groceries to autos pushed inflation to its highest level in forty years in 2022, weakening the buying power of many Americans and hurting their wallets.
Graph depicting actual #gasprices in 2022.
twitter.com/TycTmtmetr
— Patrick De Haan ⛽📊 (@GasBuddyGuy) December 1, 2022
AAA reports that gas prices have declined significantly in recent weeks due to a decline in demand for the commodity and worries of global economic shutdowns. China, for example, continues to rely on shutdowns to prevent COVID breakouts, although recent demonstrations in that nation have sparked indications that it may abandon its “zero-COVID” policies.
According to GasBuddy analyst Patrick De Haan, there may be further space for gas prices to reduce in the coming weeks. Prices are falling “under severe selling pressure as China experiences demonstrations over its zero-Covid regulations and shutdowns of key cities,” he said in a blog post dated November 28.
“It is absolutely feasible that the national average price of gasoline could go below $3 per gallon by Christmas,” he continued. “This would be a great present for motorists after a dizzying year at the pump.”
The Biden administration welcomed the reduction in gas prices, tweeting on Wednesday that it “adds up to significant savings for American families.”
Gas Status:
Since February, this is the first time that the national average price of a gallon of petrol has been below $3.50. This ongoing drop in pricing is resulting in significant financial benefits for American consumers.
November 30, 2022: The White House (@WhiteHouse)
Still, prices are somewhat higher than they were a year ago. AAA reports that on December 1, 2021, motorists spent an average of $3.39 a gallon at the pump. This is just approximately 2.4% less than the current average pump price.
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