US Gas Prices Fall

By Paul A. Ebeling, Jnr.,

Shutterstock photo

Since reaching a recent peak of 3.94 gal on 2 April , the average retail price US drivers paid for gasoline has fallen for 12 weeks in a row to $3.44 gal, according to EIA's weekly motor fuel survey.

The drop in gasoline prices largely reflects the decline in crude oil prices (see chart above), which have historically comprised the biggest part of the pump price.

The national average price for regular unleaded gasoline fell 0.50 gla over the 12-wk period, while the spot prices for West Texas Intermediate ( WTI ) Crude Oil declined the equivalent of 0.63 gal and Brent Crude Oil fell the equivalent of 0.81 gal. WTI and Brent are among the World's leading Crude Oil pricing benchmarks.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: WTI

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