Gas prices hit record highs just two months ago, but now they're sinking below $4 a gallon.
FILE - The price of regular unleaded gas is advertised for just under $4 a gallon at a Woodman's, Wednesday, July 20, 2022, in Menomonie Falls, Wis. Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
Gasoline prices usually rise and fall with the cost of oil, and crude has also been dropping. The U.S. benchmark price is down nearly one-fourth since early June.Gasoline prices hit a record $5.02 on June 14. At the time, U.S. crude was about $120 a barrel and the benchmark international price was even a couple dollars above that. Since then, however, oil prices have tumbled.
Even with prices coming down, OPEC on Thursday lowered its forecast of global oil demand for the rest of this year and next year. The cartel based those expectations on a belief that economic growth in the U.S., China and other key countries will be slower than it previously forecast.It's unusual for gas prices to fall during the summer, because that's the peak driving time for American motorists.
Patrick De Haan, an analyst for GasBuddy, said this week that absent something like a hurricane, gasoline prices should drop another 10 cents to 25 cents a gallon over the next couple weeks.
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