The price of gasoline falls in the EE.UU.

After hitting all-time highs, gasoline prices are finally dropping

ivan rodriguez gelfenstein

R. Gelfenstein - Fears of a global economic slowdown have sent oil prices tumbling recently, less than a month after the national average price of gasoline in the United States first reached $5 per gallon.

Since the milestone was broken in the week of June 13, the average weekly price of gasoline fell to about R$ 4.75.

"All this talk about interest rates and recession is fear, the oil market is reacting to fear," said Andrew Gross, a spokesman for

Some analysts expect a further fall in prices. Patrick De Haan, vice president of gasoline price monitoring website, tweeted Thursday that recent drops in oil prices could send gasoline prices down as much as $4.50 per month.

Oil industry analyst Andy Lipow said, "I've had six drops in the price of oil in my career in the oil industry, a recession can trigger a seventh," he wrote.

Due to the Russian invasion of Ukraine, oil traders do not have access to Russian oil supplies, creating a shortage that has helped boost prices this year. A recession, Lipow said, could turn the tide.

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