NEW YORK - U.S. gasoline prices tumbled in Monday’s energy market selloff, as worries about weak demand for fuel returned as the threat of Tropical Storm Beta waned, market analysts said.
Nationally, gasoline prices at the pump averaged $2.18 a gallon on Monday, 18% lower than the same time last year, American Automobile Association data showed. But with the storm threat subsiding, traders were more focused on weakening demand because of the coronavirus pandemic as the summer driving season fades in the rearview mirror.
“We’ve got a number of different factors at play – remote work, schools closed – which should in theory weigh further,” said Matthew Smith, director of commodity research at ClipperData.
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