The price drivers are paying at the pump for a gallon of regular gasoline has fallen below the $4 mark in many parts of the United States for the first time since March.
The average price per gallon in the United States for regular gasoline was $4.03, according to figures from the U.S. Energy Information Administration. That price is down $0.15 per gallon from the previous week although it is up$0.85 from one year ago.
The cost for a gallon of regular gasoline hit an all-time high of $5.01 in early June.
As of Sunday, the lowest price per gallon on average was in Texas, where drivers were paying $3.42, while drivers in Hawaii were paying $5.35, according to data from GasBuddy, which tracks such information.
The price for one gallon of regular gasoline, which was at $4.99 at a Shell station in New York City, in early June, is now down to $3.99.
By comparison, in 2015, the price of a gallon of regular gasoline cost $2.35 in New York City and the same quantity of diesel fuel cost $3.13.
The price for a gallon of diesel fuel, which in California had neared $7 in early June, is now $6.09 in the Golden State. The national average for diesel is $4.99, down $0.15 over the past week but up $1.63 when compared to the same period one year earlier.
Fuel prices surged following Russia’s invasion of Ukraine in March, which disrupted the global oil market. Since then, Russia resumed selling oil to India, which freed up global supplies for Europe and the United States. In addition, many drivers, after the attack, changed their driving habits to reduce fuel consumption, thereby lowering prices further. Such strategies include combining errands on one trip and simply driving less.
(Photo: Accura Media Group)