Gasoline prices may have peaked for the year

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Filling up a 1959 Chevrolet Corvette Kayla Keenan

After rising bit-by-bit over the previous two weeks, gasoline prices are on their way back down. According to GasBuddy analyst Dan McTeague, the ongoing tariff skirmish between the U.S. and China has cooled the oil market, which has led to a corresponding drop in fuel prices. We’re now at a U.S. average of $2.87 per gallon, down from 2019’s high of $2.90. The most expensive 10 percent of stations in the U.S. has a gallon going for close to $4, which is the case in southern California, where refinery maintenance and downtime, including a fire, have caused local prices to soar.

Crude prices are down $10 per barrel compared to where they were a year ago, based on speculation that the U.S. economy may be slowing down. Whether that’s true or not, many U.S. consumers may have already seen 2019’s peak fuel costs, as the price at the pump slowly continues to recede. That’s excellent news for summer road trippers.

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