Gasoline prices in the US have halted their rapid ascent, offering some relief to drivers as policymakers mull further rate hikes to curb inflation.
(Bloomberg) — Gasoline prices in the US have halted their rapid ascent, offering some relief to drivers as policymakers mull further rate hikes to curb inflation.
Pump prices have fallen or held stable since Friday, according to the American Automobile Association. The easing comes after a 17-day rally that took prices to an eight-month high, and is largely the result of slipping oil prices reflecting global demand woes.
Gasoline futures have been volatile in the short-term, but overall they have fallen since rolling to the September contract at the end of last month. The peak driving season typically ends in early September after the Labor Day holiday, and regions will begin to switch to winter-specification fuels that have looser volatility controls and are generally cheaper to make.
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