U.S. gasoline prices down $1 from 2022 record

The cost of gasoline in the United States is down more than $1 from its peak in the summer of 2022.

According to the American Automobile Association, the cost of fuel is currently $3.54 per gallon, down 29% from the record average cost of $5.02 recorded in June 2022. The cost of a gallon of diesel fuel is down 28%, now at $4. Inflation control measures taken by the U.S. Federal Reserve (Fed) have helped curb rising oil prices, which in turn has helped drive down the cost of gasoline and petroleum products. Experts predict that gasoline prices will remain moderate in the summer, when demand for fuel traditionally rises, and will remain far from last year’s record highs.

The rise in retail gasoline prices in the United States began in late winter 2022 amid rising global oil prices. U.S. fuel prices peaked in June. Over the summer months, the presidential administration managed to achieve a serious reduction in gasoline prices in the country by releasing oil reserves from the national reserve.

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