US gasoline prices retreat below $4.9 with recession fears

By Ovunc Kutlu

ANKARA (AA) – US gasoline prices dove below $4.9 per gallon level on Monday, as recession fears push oil demand lower.

The national average stood at $4.897 per gallon (3.785 liters) for regular gasoline, slightly down from $4.9 the previous day and $4.981 a week ago, according to the latest figures from the American Automobile Association (AAA).

The latest price, however, is still a 6.5% increase from $4.599 last month and a massive 58.2% gain from $3.095 a year ago, according to data compiled by Anadolu Agency.

While the price of premium gasoline stood at a national average of $5.610 per gallon, the average price of diesel was at $5.794 in the US as of Monday.

The highest price was recorded in the state of California at $6.318, followed by Nevada with $5.579 and Alaska at $5.574.

High gasoline prices have been increasing inflationary pressures for months in the US, where annual consumer prices in May climbed 8.6% – its largest gain in more than 40 years.