US gasoline prices fell Wednesday to their lowest since May, as recession fears create downward pressure on the oil demand outlook and push crude prices lower.
The national average stood at $4.779 per gallon (3.785 liters) for regular gasoline, slightly down from $4.800 the previous day, $4.868 a week ago and $4.865 a month ago, according to the figures from the American Automobile Association.
The national price posted its lowest since the week ending May 30 when it averaged $4.624, according to US Energy Information Administration data.
The latest price, however, is still up 52.5% from $4.779 a year ago.
The highest price was recorded in the state of California at $6.217, followed by Hawaii with $5.616 and Alaska at $5.543.
Global oil benchmark Brent crude fell below $100 per barrel on Wednesday for the first time since April 25, sinking to as low as $98.59 during the day — its lowest since April 11.
American crude oil benchmark West Texas Intermediate sank to $95.17, marking its lowest since April 12.
Both benchmarks plummeted more than 8% Tuesday, as recession risks pose a negative effect on the outlook for global oil demand.
Source: Anadolu Agency