GasBuddy.com, a website that tracks oil prices, said that gasoline prices across the United States fell to an average of 2.97 yuan per gallon on the 9th, which is the lowest price so far in May 2021 and the first time it has been below 3 yuan in more than three years.

From January to September this year, the production of finished motor gasoline increased by an average of 11,000 barrels per day compared with the same period last year. The US Energy Information Administration uses this figure to estimate demand. In 2023, there will be an increase of 115,000 barrels compared with 2022.

Refining volumes are growing in the United States and around the world, and retail prices at gas stations are naturally cheaper, ending the supply-demand imbalance caused by Russia’s invasion of Ukraine. In 2022, the average price of gasoline in the United States will exceed $5, setting a record high.

The Energy Information Administration pointed out that total U.S. refining capacity increased for the second consecutive year last year, and other places also saw new plants put into production, such as Nigeria’s Dangote plant with a daily output of 650,000 barrels, and Mexico’s Dos Bocas plant with a daily output of 650,000 barrels. 340,000 barrels, supply has improved significantly.