For the first time since early March, the national average price for a gallon of gasoline is around $4, according to data from GasBuddy and the American Automobile Association (AAA).
Since peaking above $5 per gallon in June, prices have tumbled about 20 percent.
But while President Joe Biden has touted his administration’s policies as the cause for the steady decline, market analysts attribute demand destruction—high prices spurring reduced demand—as a major contributor to the downward trend.
Energy Information Administration (EIA) supply data show that gasoline stocks have risen five of the last eight weeks, totaling nearly three million barrels during the typically busy driving season. Gas demand has also dropped, from 9.25 million barrels per day (bpd) to 8.54 million bpd, which is down 1.24 million bpd from the same time a year ago….