The average gasoline price in the U.S. fell to $3.47 a gallon on the 1st, lower than before the Russia-Ukraine war.

(Bloomberg)

[Financial Channel/Comprehensive Report] International oil prices have been rising all the way since the beginning of 2022, which has also pushed US gasoline prices to record highs. However, under the influence of many factors, international oil prices have begun to fall, and US gasoline prices have also dropped to $3.47 per gallon this week. That's lower than the $3.54 a gallon when Russia invaded Ukraine in February, and the market expects U.S. gasoline prices to fall even further, possibly dipping below the $3 a gallon mark by Christmas.

The American Automobile Association (AAA) data on Thursday (1st) pointed out that the average gasoline price in the United States came to $3.47 per gallon, a drop of $0.12 in the past week, and a drop of $0.29 in the past month. It was back below $3.50 a gallon for the first time since February.

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Oil prices fell on a combination of factors, including fears of a potential recession and demand damage from China's coronavirus lockdown, less-than-expected intervention in the flow of Russian oil in the market, and a record level of war preparedness by the Biden administration. oil storage.

The average U.S. gasoline price hit a new high of $6.02 a gallon in June, and has since fallen all the way down. Looking ahead, some observers will fall again, even though OPEC policy and China's epidemic containment measures are highly uncertain.

Andy Lipow, an analyst at Lipow Oil Associates, said average U.S. gasoline prices could drop to $3.28 a gallon by Christmas, which would be lower than this time last year.

GasBuddy, a fuel price data site, predicts that gas prices could drop below $3 a gallon by Christmas.

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