• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 1 day ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 1 hour Wind droughts
  • 7 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 13 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 11 days Oil Prices Fall After Fed Raises Rates
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Australian power prices go insane
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Europeans and Americans are beginning to see the results of depending on renewables.

Gasoline Prices Could Climb As Demand Destruction Fears Evaporate

Despite a ninth consecutive week of falling gasoline prices in the United States, the streak of declines could soon see its end as wholesale gasoline prices have rebounded in recent days, fuel-savings app GasBuddy said on Monday. 

The national average gasoline price in America fell for a ninth week in a row last week, by 9.9 cents from a week ago to $3.92 per gallon as of Monday, according to GasBuddy data from gas stations nationwide. 

On a national average, gasoline prices are now down by 63.7 cents compared to a month ago, but they are still 74.8 cents higher than a year ago.  

Last week, the average U.S. gasoline price dropped to below $4 per gallon for the first time since early March this year, as supply has risen and concerns about the economy have grown, GasBuddy estimated. 

“For the ninth week straight, gas prices have continued to fall, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the new analysis today. 

“That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes,” De Haan added.  

The national average could tick higher this week “as the better than expected jobs report last week likely means less demand destruction than anticipated,” the analyst wrote.

However, oil prices were crashing by 5% early on Monday amid heightened concerns about slowing economic growth in China. According to De Haan, if the trend of falling oil prices holds, declines in U.S. gasoline prices could continue. 

“With oil down considerably this morning, there remains a possibility the trend could continue this week,” De Haan tweeted on Monday. By

Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News