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US gasoline prices fall to $4.8, American oil dives below $100

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Jul 06, 2022 - 08:24 AM

ANKARA (AA) – US gasoline prices declined to $4.8 per gallon level on Tuesday, as recession fears push oil demand lower, and price of American crude oil dove below $100 per barrel.

The national average stood at $4.8 per gallon (3.785 liters) for regular gasoline, slightly down from $4.807 the previous day and $4.881 a week ago, according to the figures from the American Automobile Association.

The latest price is just a 1% decrease from $4.848 last month, while it is still up 53.1% from $3.134 a year ago, according to data compiled by Anadolu Agency.

While the price of premium gasoline stood at a national average of $5.519 per gallon, the average price of diesel was at $5.726 in the US as of Tuesday.

The highest price was recorded in the state of California at $6.236, followed by Hawaii with $5.619 and Alaska at $5.553.

The central banks’ aggressive monetary tightening around the world to lower record-high inflation has led to recession fears intensifying, which cause worries about global economic slowdown, and led to crude oil prices plummeting more than 8% on Tuesday.

American crude oil benchmark West Texas Intermediate sank to $98.44 per barrel at 11.40 a.m. EDT (1540GMT), while global oil benchmark Brent crude fell to $102.12 a barrel at the same time. Both benchmarks saw their lowest level since May 11, according to official figures.

High gasoline prices have been increasing inflationary pressures for months in the US, where annual consumer prices in May climbed 8.6% – its largest gain in more than 40 years.

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