A petrol station in New York City on Ssturday
The Labor Day weekend brings with it the unofficial end of the summer travel season and gasoline prices at the pump continued to fall as the holiday approached.
The summer driving season came to an end without protracted record high prices for petrol many experts had predicted.
Gas prices are expected to continue their more than two-month decline as people continue to drive less and take measures to conserve fuel.
The average price for a gallon of regular gasoline in the United States was $3.83 according to the U.S. Energy Information Administration, which tracks such information. Just one month ago, the average price was $4.19, and that price was down $0.30 from prices in mid-July.
While lower prices are good news, the bad news is that the cost per gallon is still up $0.69 when compared with the same date one year earlier.
The price for one gallon of premium gasoline, which was at $5.59 at a Shell station in Whitestone, New York, in early June, is now down to $4.39. The price was $4.89 one month earlier at the same station.
Fuel prices surged following Russia’s invasion of Ukraine in March, which disrupted the global oil market. Since then, Russia resumed selling oil to India, which freed up global supplies for Europe and the United States. In addition, many drivers, after the attack, changed their driving habits to reduce fuel consumption, thereby lowering prices further. Such strategies include combining errands on one trip and simply driving less.
(Photo: Accura Media Group)
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