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U.S. gasoline prices fell last week by the most in some time, posting a super-rare double-digit weekly decline for a summer driving season, data from fuel savings platform GasBuddy showed on Monday.
The average U.S. gasoline price plunged by 10.0 cents last week, to $3.40 per gallon as of Monday, according to the data compiled from individual price reports covering over 150,000 gas stations across the United States.
Compared to a month ago, today's national average price of gasoline is down by 23 cents, and is 18.2 cents per gallon lower than this time last year.
The average price of diesel also dropped last week, and now stands at $3.75 per gallon-14 cents lower than this time last year, and the lowest level since Russia invaded Ukraine, per GasBuddy's data.
"We've seen one of the larger weekly drops in the national average price of gasoline in some time, and what incredible timing that it comes at the beginning of the summer driving season," Patrick De Haan, head of petroleum analysis at GasBuddy, said.
As gasoline prices dropped, Americans will now spend about $425 million less per week on gasoline than a year ago, according to De Haan.
Gasoline and diesel prices are set to further drop ahead of July 4, the analyst noted.
Currently, six U.S. states have average gasoline prices of below $3 per gallon, and more will join this group soon, De Haan said.
"It's a great start to summer for those hitting the road."
AAA also sees gasoline prices heading further south.
"This drop in pump prices appears to have some sticking power for now," AAA spokesperson Andrew Gross said last week.
"More states should see their averages dip below $3 a gallon in the coming weeks," Gross added.
Tepid gasoline demand, growing supply, and falling oil costs will likely lead to further declines in U.S. gasoline prices, AAA said last Thursday.
By Charles Kennedy for Oilprice.com
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