Gas prices keep plunging
Add Axios as your preferred source to
see more of our stories on Google.


Gasoline prices continue to tumble throughout the U.S., taking the starch out of the stiff rise in inflation and cheering up consumers.
Why it matters: Average national gasoline prices hit $5.02 a gallon back in June, amplifying the national fixation on inflation.
Driving the news: According to AAA, a gallon of regular was an average of $3.74 on Friday, more than 25% lower than the June peak.
Yes, but: Not everyone's experience at the pump will mirror the national average.
- California typically has some of the most expensive gas because the state requires refiners to produce a blend that meets more stringent anti-pollution requirements than much of the rest of the country.
- California also has higher than average gasoline taxes, which add to the cost at the pump.
What we're watching: The futures prices for "reformulated blendstock for oxygenate blending," or RBOB. This wholesale gasoline benchmark tends to move in advance of the retail gasoline prices you see while filling up.
- It's down more than 10% in the last 10 trading sessions, suggesting lower retail prices are still to come.
