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U.S. Drivers Set for Relief at the Pump as Oil Rally Cools

  • Average price may drop to $3.15 a gallon next month: Gas Buddy
  • Gasoline prices still near seven-year high after oil’s plunge
Bloomberg business news
Oil Rebounds from Black Friday Rout as OPEC+ Takes More Time

American drivers are set for a slight relief from stubbornly high gasoline prices at the pump as concerns over the new omicron coronavirus strain are cooling oil’s rally.  

The national average retail price that reached a seven-year high of $3.42 a gallon earlier this month could drop to as low as $3.15 by Christmas, said Patrick DeHaan, head of petroleum analysis at Gas Buddy. So far, the average has only come down by 3 cents in three weeks, according to AAA data.