October 7, 2022
Fargo, US 27 F

Gas Prices See Biggest One-Day Drop Since 2008

Gas prices dropped last week by the largest one-day amount in over ten years. Auto club Triple-A says the average prices at U.S. pumps fell 3.1 cents per gallon on Friday, the largest one-time decrease since 2008. Despite the recent drop in gas prices, they’re still roughly $1.60 higher than last year. Ten states still have prices over $5 a gallon, and California is above $6 a gallon.  Late last week, Bloomberg said supplies remain tight for fuel. U.S. total gasoline stocks are at their lowest seasonal level in seven years, even though refiners on the Gulf Coast and East Coast have been running at almost maximum capacity. East Coast supplies are particularly vulnerable, and they’re at the lowest seasonal level on record since the government started collecting data in 1993. Gas prices are a major contributor to inflation and will be a significant issue in the upcoming U.S. elections.

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