WASHINGTON — For the past month, gas prices in America have been steadily falling ever since hitting their peak in June.
While gas is still more expensive than it was during this same time last year, when the demand for gas was low due to stay-at-home orders, it is still a major improvement as Americans are spending nearly 200 million dollars less on gasoline.
The national average cost of gas has fallen from $5.02 per gallon to $4.40 per gallon. One out of every five gas stations in America is currently selling gas for less than $4 per gallon.
In Maryland, AAA reports that gas prices are averaging approximately $4.38 per gallon, two cents less than the national average. As of Wednesday, July 20th, gas prices had sunk for 36 consecutive days.
According to experts, one of the reasons for the declining gas prices is the current price of crude oil, which has been selling at about $97 per barrel for the past several weeks.
Ragina Ali, a Public and Government Affairs Manager for the American Automobile Association (AAA), explained that crude oil prices are dropping due to global economic concerns. She also stated that a lack of demand for gas is partially responsible for the price drop.
“AAA conducted a gas price poll weeks ago and 65% of Maryland drivers indicated that they were changing their driving habits…,” Ali told WBOC-TV.
Some people are concerned about the possibility of a recession because of the news about crude oil and gas prices falling and the continued decline in GDP. However, it is difficult to determine if that is the case as America currently sits at a 3.6% unemployment rate.
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About time, good grief, how about dropping them as fast as they jumped up?