Gas prices show sizable drop, still declining slower than increases

The cost of crude oil is dropping, which is helping ease some of the pump prices.
The cost of crude oil is dropping, which is helping ease some of the pump prices.(WBRC)
Published: Jul. 7, 2022 at 1:40 PM EDT
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CLEVELAND, Ohio (WOIO) -On Wednesday, the national average for a gallon of gas dropped by 2.8 cents/gallon which is the second largest drop in the past decade according to GasBuddy Petroleum Analyst Patrick De Haan.

The largest single drop in the past 10 years was in March of 2020, the start of the pandemic, when prices dropped by 3.1 cents.

The drop can be partially credited to the decline in price for a barrel of crude oil, which is used to make gasoline.

On June 8, oil was selling for $122/barrel.

On Wednesday, oil closed at $98, which is the first time its been under $100 since early May.

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