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

- 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.

U.S. wholesale gasoline prices are tumbling, with percentage drops per gallon on Wednesday between 6.9% and 10.8%. Demand data was partially influenced as drivers were deterred by severe rain and flooding on the U.S. East Coast."All told, fuel prices may be closer to consumers' pain threshold than inflation-adjusted prices might suggest," JP Morgan said in a note on Wednesday, indicating that high prices have led to consumers cutting back on driving.

The U.S. ADP National Employment Report on Wednesday showed private payrolls rising by only 89,000 jobs in September, the smallest count since January 2021. -- The Keystone crude pipeline, a vital artery transporting Canadian oil to markets in the US and overseas, is operating at about half of its capacity Wednesday after being halted for maintenance work.

RT editor-in-chief Margarita Simonyan suggested Russia should drop a nuclear bomb on Siberia to send a message to the West, reports said.Trump claims he ‘couldn’t stand’ John Kelly and ‘fired him like a dog’

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US gasoline prices could fall to $3 a gallon on oil selloff, rising stocksU.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. Before 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.
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