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Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
The price per gallon of gas is seen at a gas station on Dec. 12, 2023 in Miami as the national average for unleaded gas was $3.14 a gallon on Dec. 12, according to AAA.
The data showed gasoline prices down 10% from a year-ago, the largest annual decline since July 2023. Gasoline prices, as measured by the Consumer Price Index, have not grown since April.
The current decline is notable given prices at the pump are about $0.30 lower than a year ago, when oil was hovering around the same levels as today.
The energy index fell 2.3% in November over the prior month with gasoline prices declining 6.0% during that period. Gasoline hit all-time highs just above $5 per gallon in June 2022.
Gas prices have fallen or remained steady since Sep. 19 — marking about a 70-day trajectory of decline, Andrew Gross, spokesperson for motor club AAA, said Tuesday. ... WHY ARE GAS PRICES FALLING?
Gas prices are on a downtrend trend, falling below a national average of $3.50 per gallon for the first time since February of this year. The average price of gasoline sat at $3.45 per gallon on ...
GasBuddy Head of Petroleum Analysis Patrick De Haan joins Yahoo Finance Live to discuss why gas costs so much, forecasts for lowering gas prices, President Biden's proposed federal gas tax holiday ...