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Gasoline Prices in US See Biggest One-Day Drop Since 2008

Pump prices have fallen with lower crude amid recession fears.

A fuel nozzle in a car at a Chevron gas station in Pinole, California.

A fuel nozzle in a car at a Chevron gas station in Pinole, California.

Photographer: David Paul Morris/Bloomberg

Gasoline prices in the US just saw the biggest single-day drop in more than a decade. 

Average US pump prices fell by 3.1 cents to $4.721 a gallon overnight, marking the largest daily drop since December 2008, according to auto club AAA. Prices at the pump have been falling for the past 24 days — the longest streak of declines since April 2020 — along with losses in crude oil prices, which make up around 60% of the cost of gasoline.