Expanding the timeframe out, below we show the price of crude over the past five years. Again, the most recent prior instance of WTI having a $60 handle was last December, and there have been a handful of other brief periods of price being as low. Since Q2 2021 as crude prices recovered from the pandemic, the high $60 range roughly has marked a notable level of support .
That decline in crude oil has resulted in lower gas prices. Seasonally, it is typical for prices at the pump to roll over during the summer months with declines accelerating in the fall. This year, however, prices have been falling since mid-spring. According to AAA, the national average for a gallon of gasoline yesterday was at $3.31, which is the lowest price since late February. That is the lowest price of gas on 9/4 since 2021 ($3.19).
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