American motorists are getting a measure of relief at the gas pump, with the cost of filling up sliding for a second consecutive week as oil prices tumble.
The national average on Tuesday stood at $4.88 for a gallon of regular, down nearly 9 cents from a week ago, according to AAA. Worries about the rising risk of a global recession have reduced demand for oil, with the price of crude falling to around $107 a barrel from $110 last week, the travel club noted in a news release on Monday.
“The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further,” AAA spokesperson Andrew Gross said in a statement.
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Rising Dough
How will the rollback of gas prices affect holiday and summer travel? What will cause gas prices to spike again?
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