Gas prices are finally coming back down, after hitting all-time highs

• The national average price of gasoline in the US topped $5 per gallon for the first time on June 13.
• Fears of a worldwide economic slowdown have sent oil prices plummeting.
• The price of Brent crude oil dropped to approximately $104 per barrel on Thursday.

Recently, less than a month after the national average price of gasoline in the US topped $5 per gallon for the first time, fears of a worldwide economic slowdown sent oil prices plummeting.

According to AAA, average weekly gas prices have decreased to roughly $4.75 since they reached the milestone the week of June 13.

Also Read

Gas prices hit new highs as summer driving season starts

A gallon has hopped by around 50 pennies over the course of...

On Thursday, the price of Brent crude oil, the global standard, dropped to approximately $104 per barrel, down from about $115 the previous week and far below the highs of almost $140 temporarily attained in March.

Global central banks, including the U.S. Federal Reserve, have been aggressively hiking interest rates in an effort to reduce inflation. Officials in charge of monetary policy believe that by making borrowing money more expensive, the increased rates will reduce demand while preventing a recession, which critics warn is not a given.

According to Andrew Gross, a spokesperson for AAA.com, “all this talk of [rising] interest rates and recession is worry, and the oil market is reacting on fear.” “It’s kind of like the stock market: You have these wild swings when you hear about rising rates or predictions of a global recession, which means a slowdown in the economy and decreased oil use. For the oil business, that is bad news. And as a result, prices have been declining.

Also Read

Gas prices surge some more in US; plans to utilize emergency diesel reserves

Gas prices surge some more in US; plans to utilize emergency diesel...