US retail regular-grade gasoline prices continue to decline, averaging $2.82 per gallon (gal) as of Nov. 24, according to the US Energy Information Administration. This average is $0.47 lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009.
Much of the decline in gasoline prices since mid-2014 is attributable to falling crude oil prices. The combination of robust US crude oil production growth, a return of Libyan production (despite recent setbacks), weakening expectations for the global economy (particularly in China), and seasonally low refinery demand has reduced oil prices.
North Sea Brent spot prices have fallen from a July monthly average of $112 per barrel (bbl) to a November monthly average of $80/bbl (through Nov. 24). The average US retail regular-grade gasoline price has fallen $0.88 a gallon since the start of July.