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Gasoline Prices See The Largest Drop In Nearly 15 Years

While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 years, according to AAA data.

The current price for a gallon of gasoline in the United States is averaging $4.721 on Friday, down from $4.752 per gallon on Thursday—a 3.1-cent drop. The weekly change is even more significant at 12.1 cents.

According to Gas Buddy’s Patrick De Haan, more than 5,800 gas stations across the country are offering gasoline at $3.99 per gallon or less.

While they are trending down this week, gasoline prices are still $1.58 higher than they were this time last year. Gasoline prices continued to drop as crude oil prices rose on Thursday and Friday, but crude oil prices are still down significantly week on week.

WTI crude was trading up $2.01 per barrel on Friday at $104.70—down almost $4 on the week.

High gasoline prices have been a worry for the Biden Administration, which has so far released more than 145 million barrels of crude oil from the nation’s Strategic Petroleum Reserves, bringing the SPR down to levels not seen in decades in order to calm the high prices at the pump.

But the falling price of crude oil­—which makes up about 60% of the cost of gasoline—fell this week largely on fears of a recession.

Another measure that the Biden Administration has taken includes asking OPEC+ to pump more, but the group has been either unwilling or unable to live up to its production quotas.

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Also contributing to the price decrease in gasoline is U.S. gasoline demand, which is down roughly 4.5% from last week, according to De Haan.

By Julianne Geiger for Oilprice.com

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  • James Terrell on July 10 2022 said:
    Why don't you mention that we are selling SPR oil to China and Europe?
  • George Doolittle on July 10 2022 said:
    There isn't much demand for gasoline in the USA at the moment absolutely...and it is a difficult product to export from the USA as well especially given the value of natural gas as a commercial fuel as opposed to oil and even coal at the moment. Also the use of *"fuel cells"* to power commercial trucks and presumably even trains after that as well as fork lifts and to do Airport work looks set to be quite viable as well. The sudden appearance of mass market pHev hybrid vehicles on USA Highways this Year 2022 Model Year 2023 could also cause a truly awesome collapse in demand for what still is a very valuable *RETAIL* but not much of a commercial product. Not only that but refining oil into every fuel imaginable is *HUGELY* profitable in the USA right now let alone the manufacture of ethanol which of course the USA can import if necessary let alone gasoline from Canada as well.
  • Randy Whitehead on July 08 2022 said:
    And we all know who will try to take credit for it. The Big Guy, the same one that tells us his policies had nothing to do with the increasing oil prices.
  • Fjb on July 08 2022 said:
    lol drop would be 2 bucks a gallon anything above that is a rip off

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