Gasoline prices in the U.S. have fallen by 10 cents per gallon since early November, when they hit a seven-year high. That triggered a series of reactionary measures from the Biden Administration, including dipping into the country’s emergency crude stockpiles. Even as oil prices have come off their recent highs, pump prices are still nearly $1 per gallon above seasonal norms.
Demand is expected to remain high in the short term. More than 100 million people are expected to get on the road this holiday season, according to auto club AAA. Meanwhile, supplies are set to tighten further with slower imports from Europe and below-average refinery operations.