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Gasoline Prices See Longest Downward Streak Since 2015

U.S. gasoline prices fell for the fourteenth week in a row, according to a Monday note from GasBuddy. 

The national average gallon of regular gasoline fell 3.9 cents from a week ago to $3.64 per gallon on Monday, according to GasBuddy data. The downward trend in gasoline prices in the United States has continued for fourteen straight weeks, and is down 25.7 cents from a month ago. Gasoline prices compared to a year ago, however, are up 45.9 cents.

“With a 14th consecutive weekly decline, the national average price of gasoline has now surpassed 2018’s record decline, seeing its longest downward streak since 2015,” GasBuddy’s head of petroleum analysis Patrick De Haan said, adding that “While some states continue to see gas prices trend higher, the majority have continued to decline. However, this week could change the downward trend. With some issues arising in Plains and Great Lakes states as the transition to winter gasoline begins, I think we have the best potential to see the weekly trend of falling prices snapped. West Coast states also continue to see increases as unexpected refinery issues continue to percolate, preventing a downward move. While gasoline could nudge higher, diesel prices should continue to ease after a much-needed jump in inventories last week.”

The price of crude oil was also trading down on Monday, with WTI trading down -1.070% on the day at $84.55—a $6 dip from a month ago on significant concerns about what a recession could do to oil demand, but still a $10 increase per barrel from the beginning of the year. 

U.S. gasoline prices are a significant concern for the Biden Administration ahead of the mid-term elections in early November.

By Julianne Geiger for Oilprice.com

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