The average price of a gallon of gas is now sitting at $3.55, according to AAA. That’s just about the lowest price we have seen since February of this year.
Average prices are down 11 cents in just one week. The price for a barrel of oil is hovering right around $74. That’s down 35 percent since June alone. Protests in China over Covid-19 lockdowns and global economic slowdowns are being fingered as the reasons for the downturn in prices.
To help matters even more, the Energy Information Administration says gas demand actually fell last week from 8.74 million to 8.33 million barrels. At the same time, total domestic gasoline stock rose more than 3 million barrels to 211 million. Add all of this together, and you get your lower gas prices.
