NextGen Day

On Saturday, gasoline prices in the United States (US) fell below $5 per gallon, following a 6% daily drop in American crude oil prices due to recession fears and weak oil demand.

According to the latest numbers from the American Automobile Association, the national average cost of normal gasoline was $4.989 per gallon (3.785 liters), down from $5 the day before and $5.004 a week earlier (AAA).

According to data published by Anadolu Agency, the current price is still a 9.2% increase from $4.567 last month and a staggering 62.3 percent increase from $3.073 a year ago.

While the national average price of premium gasoline was $5.684 per gallon on Saturday, the national average price of diesel was $5.811.

California had the highest price at $6.408, followed by Nevada at $5.656.

On Friday, the American oil standard Brent crude fell 5.2 percent to $113.61 per barrel, while the international oil benchmark Brent crude fell more than 6% to $110.48 per barrel.

The aggressive monetary tightening by the US Federal Reserve and other central banks across the world has heightened fears of a global recession and weak oil demand.

For months, high gasoline costs have exacerbated inflationary pressures in the United States, where annual consumer prices rose 8.6% in May, the highest increase since December 1981.

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