U.S. Gasoline Prices Are Finally Falling

U.S. gasoline prices are starting to slide, AAA data showed on Wednesday. The average price of a gallon of gasoline in the United States has fallen to $4.779, AAA data shows—a decrease of nearly 9 cents per gallon on the month.

According to Gas Buddy’s Patrick De Haan, the downward trend could continue in the coming days and weeks, with “thousands of stations falling back under $4 per gallon,” De Haan said in a Wednesday tweet. The states that should see the most relief at less than $4 per gallon are South Carolina, Georgia, Mississippi, Louisiana, Arkansas, Texas, Alabama, Tennessee, and North Carolina, he said.

Gasoline prices continue to be worrisome for the Biden Administration, whose party faces critical mid-term elections this fall. In a recent ABC News/Ipsos poll, 74% of Americans reported that gas prices are an important factor in how they will vote in the fall. It will be the first midterm to contend with a gasoline price hike of this magnitude.

The Biden Administration has released 146 million barrels of crude oil from the nation’s stockpiles since taking office in order to curb high prices at the pump for American drivers, but gasoline prices are still up $1.645 per gallon from a year ago, AAA data shows, when gasoline prices were just $3.134 per gallon. U.S. refineries are running near-maximum capacity at 95%, and some of the barrels being released from the SPR are now heading overseas.

The price of WTI has fallen by more than $13 in the last week, while Saudi Arabia announced crude oil price hikes for August for its prized market, Asia.

By Julianne Geiger for Oilprice.com

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