U.S. gasoline demand rose 5.5% on Sunday from the previous Sunday and was 11.4% higher than the average U.S. demand for the past four Sundays, according to data from the fuel economy app. GasBuddy.

In the week between June 12 and June 18, US gasoline demand jumped 6.3% from the previous week and was 7.4% above the four-week moving average.

“It was the highest week of 2022,” Patrick De Haan, head of oil analysis at GasBuddy, said on Sunday.

Over the past week, national average gasoline prices in the United States have fallen for the first time in nine weeks, GasBuddy said In Monday.

According to data from GasBuddy, weekly gasoline prices fell 4.2 cents from a week ago to $4.97 a gallon on Monday. Still, the national average is up 37.3 cents from a month ago and $1.92 a gallon higher than a year ago.

“Finally, relief! Gasoline prices fell for the first time in nine weeks, following a large selloff in oil markets last week, pushing the national average back below the $5 level, with most states seeing a relief at the pump,” De Haan commented on Monday.

“Hopefully the trend will continue this week, especially as concerns appear to be growing that we are on the cusp of an economic downturn, putting downward pressure on oil. But the coast isn’t fully cleared yet We could see the national average drop another 15 to 30 cents if we’re lucky as the fireworks fly, barring unforeseen shutdowns at a time when the market is extremely sensitive to it.

The Biden administration is desperate to see prices drop by $5 a gallon, and its latest idea is a gas tax waiver. The U.S. administration is considering a temporary federal gasoline tax break as a tool to lower prices at the pump, Energy Secretary Jennifer Granholm said in a statement this weekend. interview with CNN.

By Tsvetana Paraskova for Oilprice.com

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