US gas prices have dropped for 30 days straight and are down about 9% from a month ago, AAA data shows.- Growing recession concerns have sent US crude oil prices below $100 per barrel.
US
According to AAA data, the current average for a gallon of
The losing streak is longer than any during the COVID-19 pandemic, and the
The trimmed outlook reflects how the earlier spike in prices weighed on Americans. Signs of demand destruction emerged early on this summer. In May, demand on a four-week rolling basis hit its lowest mark for that time of year since 2013, excluding 2020.
Now, consumers and investors alike are growing concerned about a recession, which has sent US crude prices below $100 per barrel.
Deutsche Bank analysts said that the markets have priced in a 100% risk of a recession before the end of 2022, even though in February most predictions had a downturn materializing in 2024.
On Wednesday, the International Monetary Fund said it would slash its annual global growth forecast this month for the second time since April as economic risks abound.
The recent drop in gas prices follows mixed efforts by President Joe
Meanwhile, Biden is slated to meet with the de facto leader of Saudi Arabia today to discuss oil. However, Bloomberg reported Friday that Biden is set to depart the kingdom with no announcement on a deal to ramp up supply.