The national average for a gallon of gas has fallen below $4 for the first time since early March. The U.S. average has tumbled 20 percent since its June peak, AAA data shows, as fears of a global recession moved oil prices sharply lower.
Crude prices that had been hovering near $80 a barrel in January had pushed past $120 by March, on fears the Russian conflict would curtail supply and disrupt energy markets. Pump prices soon followed, swelling nearly 20 percent roughly a week after the Feb. 24 invasion.But oil prices have been cooling since early June, with West Texas Intermediate crude, the U.S. benchmark, hovering around $91 per barrel on Thursday.
Experts say the sell-off is largely driven by worries of a possible recession in several large global economies, which would crimp fuel demand. Economists have been warning of a possible recession in the United States for months. Jeff Buchbinder, chief equity strategist for LPL Financial, said in a Monday note that he thinks the odds of a U.S. recession in the next year are “perhaps a coin flip or better,” despite the Labor Department’s
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