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The average price of a gallon of gasoline slumped below the USD 3.50-mark in the United States, motor club AAA said on Tuesday. This is the first decline since March this year.
On Tuesday, the average price of gasoline was USD 3.49 per gallon nationwide. It is the lowest national average for this date in four years.
Tuesday’s average price has fallen steadily for about a month. The gasoline prices for the same date last year averaged USD 3.61 per gallon.
The prevailing crisis in the Middle East and North Africa (MENA region) may largely influence the prices of fuels, AAA said.
The ongoing violence in Libya and Iraq may adversely impact the oil supplies from the Organization of Petroleum Exporting Countries.
While Libyan oil production continues to be at historic low, Iraq’s exports in July were higher than June.
Earlier in July, the US administration and European government had issued sanctions against the Russian energy sector, including Rosneft.
“Some have suggested that the latest prohibitions eventually could impact the global supply of crude oil by denying exports of oil industry equipment and restricting Russian state-owned banks from accessing European capital markets,” AAA said in a press brief on Monday.