Bloomberg reported Monday that U.S. gasoline prices have dropped for 60 consecutive days – their longest streak of declines in more than a year. The average price for a gallon of gasoline in the U.S. is $3.25 – about 30 cents less than at the same time last year. AAA said one gallon of gasoline costs less than $3 in 15 states, including $2.71 in Texas. “Gas prices have broadly tracked the price of crude oil, which has tumbled over recent weeks,” Bloomberg added.
West Texas Intermediate dipped 0.8 percent Monday to $74.92 a barrel while Brent crude, the international benchmark, declined 0.7 percent to $80.03 a barrel.
Associated Press said “a big explanation behind the decline is seasonality… Prices at the pump almost always ease at this time of year.” Andrew Gross of AAA added, “It’s dark, and the weather is kind of crummy, and people just want to stay home. Demand is a lot less fall and winter.”