West Texas Intermediate crude oil, the type extracted in the U.S., is down roughly $30 from its peak in June.
But why have prices been in a downward spiral for the last two months?Crude oil makes up 60% of the cost of a regular gallon of gasoline, and a barrel of it costs dramatically less than it did earlier this summer.
“If crude oil prices go back up, we’ll see gas prices go back up. If they continue to remain low, we’ll see gas prices lower than what we had seen in the early part of mid-June,” AAA Texas spokesman Daniel Armbruster said.The higher prices in gas throughout the summer were enough to keep many Americans from getting behind the wheel. AAA reported that, with 88% of that group saying they drove less.
“The banks said that: ‘Oh, we got to get to $6.20 to $6.60 [per gallon] to have demand destruction for gasoline.’ They don’t realize that what you pay at the pump in this country evokes a visceral reaction,” Kloza said.Concern over a recession has been a reason for the price dip all summer. Investors in the oil market are concerned about a global economic slowdown for a number of reasons, including the Russian invasion of Ukraine and China’s COVID responses.
As is always the case in the oil market at this time of year, hurricane threats in the Gulf of Mexico loom large and can wreak havoc on refineries. “For now, at least in the coming near days, we will see prices continue to drop on the retail level,” Armbruster said.. Jake Piazza is a business reporter. He is a rising senior at Duke University and has worked at the Pacific Coast Business Times and the Tampa Bay Times.
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