Gas Prices Show 10% Plunge, since June Peak

Gas Prices Show 10% Plunge, since June Peak

By Yehudit Garmaise

After gas prices hit peak prices soaring high above $5 per gallon in June, the national average price for a gallon of gas stood at $4.50 on Tuesday, according to the American Automobile Association (AAA).

With a 10% drop in prices at the pump, depending on where they live, American drivers may be starting to feel a glimmer of relief.

While in California, gas prices still stand at more than $6 and $7 per gallon, in at least 35 other states, GasBuddy, a fuel-tracking app, found stations that sell gas for less than $4 a gallon.

New Yorkers can pay $3.85, which is the cheapest gas in the state if they pay cash at Doogie’s gas station in Irving.

At the Costco at 50 Overlook Blvd. in Nanuet, drivers can pay $4.09 per gallon, which GasBuddy reports is the lowest price in Rockland County. 

The price per gallon of diesel fuel has also dropped 31 cents in the past month to $5.51 per gallon on average nationwide.

High prices of diesel fuel, which is used by trucks, have eaten into corporate profits and slowed supply chains already stalled by Covid.

Gas prices have been relentlessly running up since Russia’s Feb. 24 invasion of Ukraine: a war, which has disrupted energy markets and sent crude oil prices soaring, that is still raging, said Patrick De Haan, GasBuddy’s Chicago-based head of petroleum analysis, who said that longtime analysts are not sure how to explain the recent swift reduction of gas prices.

“Markets are doing a better job of sustaining supply, though we’re not out of the woods,” said De Haan, echoing the economic concept that costs always decrease when the supply of any product is greater than the demand.

Photo: Flickr

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