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The usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation or subsidy, and the availability of local sources of gasoline (supply). Since fuels are traded worldwide, the trade prices are similar.
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
The current decline is notable given prices at the pump are about $0.30 lower than a year ago, when oil was hovering around the same levels as today.
As of Wednesday, the national average price for regular gasoline stood at $3.25 a gallon, down 19 cents from a month ago and 58 cents from a year ago, according to data from motorist association AAA.
Traders believed supply was too high and Chinese imports fell due to high inventories and negative economic news. [44] Despite a fall in prices due to negative economic news leading to expectations of lower demand, oil rose the next week for the first time in two months, with Brent finishing at $76.55 and WTI at $71.43.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
On Wednesday, the national average price of a gallon of gas sat at $3.46 per gallon, down five pennies from a month ago and $0.37 lower than a year ago, according to AAA data.
Higher U.S. interest rates, more active U.S. oil rigs, higher U.S. crude production and lower expected worldwide demand did not cancel out proposed production cuts by OPEC nations, including definite plans by Saudi Arabia. [98] The same week, gas prices reached $2.37, the lowest in December in two years. [99]