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Gas prices remain $1.68 higher this week from May 2020

Though prices are cooling, one potential reason why could have long-term downside.

Published: May 9, 2023 12:35pm

The average cost for a gallon of gas in the U.S. is $1.68 a gallon higher than it was this same time in 2020, according to data from the Energy Information Administration.

Three years ago, a gallon of regular gasoline was $1.85 in the second week of May.

The cost for the second week of May is $3.53, down from May 2022 but still persistently high.

Analysts predict the downward trend will continue, if only temporarily. 

AAA spokesman Andrew Gross on Tuesday cited market volatility and what he called the "pre-summer driving season lull."

"These two factors should keep pump prices drifting lower for now," he also said.

AAA also warned that lower prices could be linked to recession fears.

"It is the fear of a global economic recession [that is] leading to falling pump prices,” said the American Automobile Association. "The price for oil has dropped nearly $20 per barrel recently, to the upper $60s, which has spurred the retreat for gas prices."

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