National average gas prices drop for fifth week in a row
The average price of gasoline in the United States dropped for the fifth consecutive week, as refineries are operating at high output and fuel supplies are increasing.
TL;DR
- Average gasoline price in the US dropped 4 cents to $2.75 per gallon in the last week.
- National average is down 22.6 cents from last month and 22.4 cents from last year.
- National diesel price dropped 5.4 cents to $3.521 per gallon.
- Refineries are operating at high output, and fuel supplies are increasing.
- Some states are seeing gasoline prices below $2 per gallon.
- Oil executives remain pessimistic about the market due to regulatory changes and trade policy.
- West Texas Intermediate crude oil is at $57.99 per barrel; Brent crude oil is at $61.80 per barrel.
- U.S. oil inventories decreased by 1.3 million barrels last week, 4% below the five-year average.