Petrol Prices See Longest Downtrend Since 2015

Petrol prices in the US have fallen for the fourteenth week in a row, according to a Monday note from GasBuddy.

According to data from GasBuddy, the national average gallon of regular gasoline fell 3.9 cents from a week ago to $3.64 a gallon on Monday. The downward trend in gas prices in the United States continues for 14 weeks in a row and is 25.7 cents lower than a month ago. However, petrol prices have increased by 45.9 cents compared to a year ago.

“With a 14th consecutive weekly decline, the national average price of gasoline has now surpassed the record drop of 2018, marking the longest downward trend since 2015,” said Patrick De Haan, GasBuddy’s chief of oil analysis, adding that “While some states remain gas see prices trend higher, the majority have continued to fall.However, this week, the downward trend could change.With some issues looming in Plains and Great Lakes states as the transition to winter gasoline starts, I think we have the best potential to see the weekly trend of declining prices broken.West Coast states also continue to see gains as unexpected refinery issues continue to trickle in, preventing a downward move.While gasoline could provide a boost, diesel prices should continue to fall after a much-needed surge in inventories last week.”

The price of crude oil also traded lower on Monday, with WTI falling -1.070% that day at $84.55 — down $6 from a month ago amid significant concerns about what a recession could do to oil demand, but still still up $10 a barrel from the start of the year.

US gasoline prices are a major concern for the Biden administration ahead of the mid-term elections in early November.

By Julianne Geiger for Oilprice.com

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