Gas prices in the U.S. have been trending lower since mid-June: AAA
As record-breaking numbers of Americans pack their cars and travel to Fourth of July barbecues that will cost them more than last year, they’ll fill up at gas stations where they are likely to be paying just a little less at the pump.On Sunday, the average edged down again to $4.81, down from the record high of $5.01 set in mid-June, AAA said. A gallon still costs over 20 cents more than it did a month ago and $1.74 more than a year ago.
Millions of drivers are paying prices far beyond the average, starting in California. There, drivers — who are now in line to get “inflation relief” checks from the state — were paying $6.24 per gallon on Sunday, according to AAA. A month ago, the operable capacity rate was 92.6% and two months ago, it was 90.3%, De Haan said. America can benefit from more refining capacity, but the numbers show that the refineries that are working are doing it briskly, he said.
High prices seldom scare away consumers and puncture demand on a large scale, said a Wednesday note from RBC Capital Markets. In three decades, there were 39 months where prices popped 30% year-over-year, analysts wrote. When that happened, there were only 12 months were demand fell at least 2%, they noted.
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