US gas prices have fallen for 21 days in a row, even amid war in Ukraine and summer driving season.- The current US average for a gallon of
gas is $4.800, down from $4.881 a week ago, but well above year-ago prices of $3.134.
US
In mid-June, all 50 states were paying above $4.40 a gallon, with some California towns paying above $6.40 and one city even saw prices hover near $10 a gallon.
But prices at the pump have decreased for 21 consecutive days, according to AAA data — that's good for their longest losing streak since April 2020, in the early part of the COVID-19 pandemic.
The current average for gas prices in the US is $4.800 per gallon, down from $4.881 a week ago, but still elevated compared to the year-ago average of $3.134.
Demand has been falling as well. Consumption for the
Plus, according to Bloomberg, money managers are holding the fewest bullish bets compared to bearish ones on the futures market since November.
Stockpiles of the key commodity have increased by over 4 million barrels during the last two weeks, according to Bloomberg, even though those figures typically move in the opposite direction during this time of year.
The recent market trends bode well for President Joe Biden as he faces limited policy options on lowering fuel costs. His recent proposal to suspend the federal gas tax was quickly dismissed.
Despite the current losing streak, analysts have predicted a brutal energy market ahead thanks to elevated oil prices, low stockpiles for crude, and refineries running near full capacity. JPMorgan analysts forecasted that gas could surge above $6 a gallon on average in the US.