The drivers of United States can breathe a little sigh of relief – average prices for Gasoline fell below US$4 (about R$20.40) a gallon for the first time since March.
The national average value of common fuel dropped to US$ 3.99 (approximately R$ 20.30) a gallon this Thursday (11), according to the AAA.
Gasoline prices hit a record $5.02 in June as drivers filled their tanks for the summer travel season.
Values were also pushed up by the global rise in oil as the West turned its back on Russian oil as a result of the invasion of ukraine by Moscow.
But prices at the pump have dropped 21% since then, as drivers cut back on spending and fears of a recession dampened demand.
Despite the drop, the amounts remain 25% higher than in the same period last year.
“Despite the steady drop in gasoline prices during the peak of the summer season, fewer drivers have fueled up in the past week,” the AAA said in a press release on Monday.
“It’s another sign that, for now, Americans are changing their commute habits to cope with higher prices at the pumps.”
Increase in the supply of gasoline
U.S. oil prices also fell sharply from a peak above $120 a barrel in June to around $92 a barrel on Thursday, helped by an easing of the supply crisis. global.
In a report released Thursday, the International Energy Agency revised its outlook for world oil supplies, in part because Russia continued to pump more oil than expected.
“While exports of oil and oil products from Russia to Europe, the US, Japan and Korea have dropped by nearly 2.2 million barrels a day since the start of the war, the redirection of flows to India, China, Turkey and others, along with with Russian domestic demand seasonally higher, it mitigated losses,” the Paris-based agency said.
In July, Russian oil production was just 310,000 barrels a day below pre-war levels, while total exports fell by just 580,000 barrels a day, he added.
The release of 180 million barrels of oil from the US Strategic Petroleum Reserve also helped boost supply.
Matt Egan contributed to this story.
Source: CNN Brasil
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