It
doesn't come as a surprise owing to the lower demand and economic uncertainties
across the globe, involving all major economies.
The
EIA, the US Energy Information Administration, says the price of gasoline stands
at just $2.20, before the Labour Day weekend – the lowest since 2004.
Reflecting
the trend, the crude oil price went below $40.00 this week.
There
were additional factors at work too: the crude oil imports in Asia fell
significantly, implying yet another supply glut – may be not as severe as what
we saw during the pandemic.
