US gas prices fall below $3: Lowest in four years

 

 

PP Cherian

New York: US gas prices have fallen below $3 for the first time in four years. AAA's new price analysis points to lower global crude oil prices as the reason for the near $3 price drop.

The national average for gas prices fell to $3.05 last week. AAA said the decline was due to a sharp drop in crude oil prices, lower gas demand and cheaper winter gas usage. The national average reached $3 in May 2021.

The price decline is a result of market fundamentals, the OPEC+ cartel's increase in production limits, and domestic production growth supporting domestic manufacturing.