Gasoline prices in the United States fell below $4.90 on Monday as fears of an upcoming recession mount.
The national average for a gallon of gasoline is $4.897 as of June 27, according to AAA, up from $3.095 this time a year ago but down from the historic highs of over $5 a gallon seen earlier this month.
The price slashes come as crude oil costs have continued to decline in recent weeks amid ongoing concerns that a global recession may be looming.
Brent crude fell 8 cents, or 0.1 percent, at $109.97 a barrel by 08:15 GMT on Friday, while U.S. West Texas Intermediate (WTI) crude was also down 8 cents at $104.19….