• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Toyota is No. 3 — Third Automaker to Pass EV Tax Credit Threshold
  • Ford Gains Ground on Strong June Sales, Up 31.5% YOY
  • Q&A: Cadillac Lyriq Exterior Design Manager Josh Thurber
  • After 18% Sales Slide, Tesla No Longer World’s Best-Selling EV Brand
  • Get Updated on Cars, EVs and More with the Headlight News Podcast
  • Founder of Spartan Diesel Technologies Faces a Year in Jail for Selling Diesel Defeat Devices
  • What Costs More: New Car or Rent? The $1K a Month Car Payment Hit’s New Highs
  • The Rearview Mirror: The End of the Road for Route 66
  • Here We Go Again: Automakers Report June Sales Decline
  • Recession or Not, U.S. Car Market is in For a Big Boom
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2022 Lexus NX 350h
    • A Week With: 2022 Jeep Grand Cherokee 4xe Overland
    • A Week With: 2022 Volkswagen Tiguan SE R-Line Black
    • First Drive: 2023 Cadillac Lyriq
    • First Drive: 2022 Ford Bronco Everglades Edition
    • A Week With: 2022 Mazda3 2.5 S AWD Hatchback
    • First Drive: 2023 Honda HR-V
    • First Drive: 2022 Ford Bronco Raptor
    • A Week With: 2022 GMC Terrain AT4 AWD
    • A Week With: 2022 Cadillac Escalade Sport
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Business > Gas Prices Fall Off Record High — First Drop in Weeks

        Gas Prices Fall Off Record High — First Drop in Weeks

        After peaking above an average of $5 per gallon, there was a slight retreat.

        Michael Strong
        Michael Strong , Managing Editor
        June 20, 2022

        Americans looking for relief somewhere finally saw some Monday as gas prices fell 4.2 cents per gallon on average to $4.97 a gallon. The prices set a new high, surpassing $5 per gallon last week.

        Pumping Gas
        The most common price paid for gas across the U.S. is currently $4.99 a gallon.

        While the prices are down a bit for the first time in months, the national average still sits near record highs and is up 37.3 cents compared to a month ago and nearly $2 more than a year ago. The big question is: will it continue to fall?

        “Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy. 

        “I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”

        Gas Buddy avg price chart 6-20-22

        AAA posted an average price that was just a touch higher at $4.98 per gallon. There is typically a 1-cent difference between the two services.

        Factors in the decline

        Oil prices were volatile with prices down between $8 and $10 a barrel depending upon the type of oil. After the Federal Reserve increased interest rates last week, oil then began selling off later in the week due to concerns about an economic slowdown intensifying.

        According to data from the Energy Information Administration, U.S. crude oil inventories rose by 2 million barrels, while the U.S. strategic petroleum reserve fell nearly 8 million barrels as the Biden administration continues to try to offset market factors. Oil inventories now stand 10% below last year and 14% below the five year average for this time of year. 

        Gasoline inventories fell by 700,000 barrels and stand nearly 11% below a year ago and the five-year average for this time of year. Despite more oil being available, refinery utilization fell half a percentage point to 93.7%, while gasoline production fell slightly to 10 million barrels per day and distillate production fell to 4.9 million barrels per day. Total U.S. supplies are down 9.2% or 118 million barrels from a year ago.

        What we are paying and where

        AAA gas chart 6-20-22

        The most common U.S. gas price encountered by motorists stood at $4.99 per gallon, unchanged from last week, followed by $4.79, $4.69, $4.59 and $4.89 rounding out the top five most common prices, GasBuddy.com noted.

        The median U.S. price is $4.85 per gallon, down 4 cents from last week and about 12 cents lower than the national average.

        The top 10% of stations in the country average $6.15/gal, while the bottom 10% average $4.38/gal.
        The states with the lowest average prices: Georgia ($4.46), Mississippi ($4.47), and Arkansas ($4.50).
        The states with the highest prices: California ($6.38), Nevada ($5.62), and Alaska ($5.59).

        Recently Published
        2023 Toyota bZ4X XLE FWD driving

        Toyota is No. 3 — Third Automaker to Pass EV Tax Credit Threshold

        Yesterday
        2022 Ford F-150 Tremor - front 3-4

        Ford Gains Ground on Strong June Sales, Up 31.5% YOY

        Yesterday

        Q&A: Cadillac Lyriq Exterior Design Manager Josh Thurber

        Yesterday

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2022
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: