U.S. gasoline prices fall to pre-Ukraine invasion levels [View all]

[chuluma]

Source: Reuters

U.S. wholesale gasoline prices fell to their lowest levels since before Russia's invasion of Ukraine on Wednesday, suggesting motorists in the world's largest energy consumer will see lower pump prices in coming weeks.

U.S. gasoline futures fell as low as $2.5899 per gallon on Wednesday, the lowest since Feb. 18, just before Moscow invaded Ukraine, setting off a series of sanctions from the United States and its allies that boosted prices across the energy markets to multi-year highs.

Energy costs have been the primary driver of global inflation, with retail gasoline prices hitting an all-time record in the United States at more than $5 a gallon in mid-June.

Lack of spare refining capacity pushed costs for refined products higher, but headed into winter, gasoline prices have started to retreat as demand dips.

Read more: https://www.reuters.com/business/energy/us-gasoline-futures-settle-lowest-since-before-ukraine-crisis-2022-08-30/

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And since Biden controls gas prices according to the Right, I say.... Congratulations, Mr. President!