Here’s Why U.S. Gasoline Prices at the Pump Aren’t Yet Falling
Soaring demand, tight supplies and some retail-level foot-dragging all appear to be to blame.
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The more than 48 million Americans traveling by car this Thanksgiving holiday hoping to fill their tanks for less will be sorely disappointed.
Even though a group of major oil-consuming nations including the U.S. announced this week a coordinated plan to release crude from strategic reserves in order to bring down soaring energy costs, that’s not yet translating into lower prices at the pump. The regular unleaded gasoline price in the U.S., hovering around $3.40 a gallon, is up more than 60% from this time last year, contributing to the soaring inflation slamming American households as the country begins to recover from the pandemic.