Explainer-U.S. gasoline prices could fall below $3 if oil market sustains losses

Published by
Reuters

By Laura Sanicola (Reuters) – U.S. motorists could see gasoline prices fall below $3.00 a gallon in the coming weeks after crude futures posted their steepest losses since April 2020 on Friday as a new coronavirus variant threatened to extend the pandemic. A further fall in pump prices from seven-year year highs hit in October would take some of the heat out of U.S. inflation, which rose at its fastest in 31 years in October. The surge, in part due to soaring fuel costs, damaged the popularity of U.S. President Joe Biden. The global market’s reaction to the newly discovered Omicron variant is …

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