Screenshot: New York Times, 12/8/2022
At their peak, gasoline prices were just over $5 a gallon in mid-June. The price of West Texas Intermediate crude oil, the U.S. benchmark that serves as the main driver of gas prices, on Thursday fell to its lowest level of the year, crossing below $72 per barrel, after trading above $120 in March and June.
The drop is a political boon for the Biden administration, which has been drawing down the nation’s Strategic Petroleum Reserve since the spring in an effort to keep prices contained.
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