Demand was sluggish, with retail gasoline prices in the United States hitting a nine-month low around Thanksgiving

Around the year-end holiday Thanksgiving in the United States, retail gasoline prices in the United States repeatedly hit new lows
.

On Monday, November 28, local time, the American Automobile Association (AAA) announced that the average retail price of gasoline in the United States was $3.
546 per gallon, a new low in nine months, giving up all the gains since the Russian-Ukrainian conflict in February this year
.

So far, the retail price of gasoline in the United States has fallen 5.
7% in a month, down nearly 30%
from the peak of nearly $5.
02 per gallon in June.
Comments believe that weak demand and increased supply are driving gasoline prices
.

Data released by the U.
S.
Department of Energy's Energy Information Administration (EIA) last week ended Nov.
18 showed that domestic refineries have completed equipment maintenance, meaning that the supply of refined oil products has increased, while fuel consumption lags behind usual seasonal levels
.

The commodity futures market has reflected the decline in gasoline
.
On Friday, NYMEX gasoline futures for December closed 5.
91% at $2.
3282 a gallon, the lowest since $2.
2789 on September 30 and down 54%
from the closing record of $4.
2762 set on June 9.

The EIA believes that crude oil prices are the biggest driver of
gasoline prices in the United States.
Before the European stock market on Monday, the US WTI crude front-month contract fell below $74, hitting a new intraday low since the end of December last year, down about 3.
5% on the day, and the Brent crude oil front-month contract fell below $81, hitting a new intraday low since January this year, down about 3.
6%
on the day.
Crude oil futures have gradually erased losses since Monday's pre-market in U.
S.
stocks, and U.
S.
stocks have turned higher
intraday.

On Thursday, as the Thanksgiving holiday approached, AAA's average retail gasoline price hit a new low
since February.
At the time, AAA said an overall increase in supply, as well as a relative reduction in motorists, had pushed gasoline prices down
.
Retail gasoline prices are likely to continue to fall
during this Thanksgiving as demand remains pent-up and gasoline inventories grow.

AAA expects 54.
6 million Americans to drive at least 50 miles from home this Thanksgiving, up 1.
5 percent from last year but slightly below pre-pandemic levels in 2019
.
Overland travel during Thanksgiving is expected to increase by 0.
4% year-on-year, and car travel is still 2.
9%
lower than in 2019.

However, gasoline prices remained high
compared to the same period of the previous year.
AAA noted at the time that last week was the highest retail price of gasoline in the week of Thanksgiving since AAA
counted.
This year's Thanksgiving gas price will be about $0.
20 higher than a year ago and $1/gallon
higher than pre-pandemic 2019 levels.