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Commodity News Details
Commodities Buzz: US Gasoline prices down 13% on year
30-Aug-2024 18:13
EIA stated in a latest update that into the US holiday weekend, the retail price for all formulations of regular gasoline in the United States averaged $3.31 per gallon (gal) on August 26, 2024, 13% lower than this time last year. The decrease in prices paid at the pump was driven by weak growth in global and U.S. petroleum product demand, continued crude oil production growth from countries outside of OPEC+, and China's slowing economy. On June 2, 2024, OPEC+ members announced that most of their crude oil production cuts will extend into 2025 in an attempt to balance global oil supply with demand. Although crude oil and gasoline prices generally increased in the four weeks after the announcement they have since fallen back to around pre-announcement levels.

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