US gasoline prices could fall to $3 a gallon on oil selloff, rising stocks

  • 📰 Reuters
  • ⏱ Reading Time:
  • 12 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

U.S. gasoline prices are heading south and may hit $3 a gallon in many places in coming weeks with crude oil futures down $10 a barrel over economic fears and eroding demand.

The drop in gasoline prices could benefit consumers and cool inflation. But it also may be a sign of economic weakness withBefore this week's drop, gasoline prices had posted a 7.4% jump in the third quarter, riding increases in crude oil futures after production cuts from Saudi Arabia, Russia and other OPEC+ members.

The four-week average of motor gasoline product supplied - a proxy for demand - averaged 8.3 million barrels a day, down 5% from the same period last year, the U.S. Energy Information Administration said on Wednesday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines