What the numbers say: According to WSJ, regular unleaded gas prices have declined to $3.49 a gallon, making it around 30% cheaper than the record high of $5.03 last year. Crude oil prices have decreased by approximately one-third in the past year. AAA expects a record number of 43.2 million Americans to travel by car for the Fourth of July. Relevance: With the decrease in oil prices due to a potential global recession and decreased demand, consumers can now save on fuel costs, resulting in more people traveling by car over the holiday season than ever before. Prices have fallen below the national average in about 30 states. More Info: Gas prices remain 35% higher than 2019 levels, with OPEC production cuts and U.S. crude inventories dropping more than expected, according to Energy Information Administration, which could boost prices. Companies like Exxon Mobil and Valero Energy have added more refining capacity this year but still less than pre-COVID times. |
