The average cost of a regular gallon of gas in the United States is now $3.33, according to AAA.
One year ago, it was $3.34. Gas prices peaked just above $5 a gallon in June, hitting a record high. Since then, they’ve fallen sharply as an economic slowdown and concerns about a global recession have helped ease demand for oil around the world. Average US prices have dropped by 14 cents over the past week and 47 cents over the past month.
Both Brent crude futures, the global benchmark, and West Texas Intermediate futures, the go-to for US prices, have dropped almost 10% so far this week, hitting their lowest levels of the year. Sources of uncertainty remain, however. The Organization of the Petroleum Exporting Countries, or OPEC, decided on Sunday to stick with its existing plan for production cuts equivalent to about 2% of global demand through 2023.
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