Gasoline prices in US decrease

Since the beginning of June, the price of petrol in the US has decreased from about 5 USD a gallon to 4.7 USD. Many measures have been taken, such as increasing supply, releasing stockpiles, and increasing the use of ethanol in petrol from 10 to 15 percent.

The United States has suspended the federal gas tax on petrol for the three summer months and called on states to suspend their gas taxes. Petroleum companies are asked to increase investment to restore oil refineries suspended due to COVID-19 and increase the exploitation of new fields.

However, there is also an opinion that the decrease in petrol prices is due to the decrease in American consumer demand due to the stagnant economy.

But in the long term, there are still factors that could potentially increase petrol prices again, such as the hurricane season in the US affecting the capacity of refineries in the southern US and the impact of the Russia-Ukraine conflict.