[ad_1]
Last week, gas prices in the US averaged $4.23 per gallon for regular unleaded. Those prices started to fall this week, with the average cost of fuel dropping to $4.16 a gallon for regular unleaded, according to the U.S. Energy Information Administration. However, oil prices are not very eager to move, and they continue to be in the $100 per barrel range.
On April 6, Brent crude was at $101.50, while WTI crude was at $96.76 per barrel. That’s a sizeable drop from last month when barrel prices hit more than $130, but still up from last month. American drivers also pay an average of $4.31 per gallon for regular unleaded, so there’s some improvement even if there’s still pain at the pump.
Those living in the Midwest and Gulf Coast pay the least, with prices averaging under $4.00 a gallon in those states. Beaches spend the most, especially the US West Coast, where prices are averaging $5.22 per gallon this week.
Global gas prices are everywhere, with oil-producing countries like Venezuela, Iran, Kuwait and others sipping on the cheap stuff. Gas in Venezuela is reported at $0.09. Countries in Europe pay the most, with prices still well above $7 a gallon. However, the price started to fall. German drivers, for example, paid more than $9.00 a gallon for gasoline a month ago, but it’s now $8.27. Hong Kong has the most expensive gas, with an average cost of nearly $11 per gallon.
Gas prices continue to fluctuate, and a look back at US history shows that they have been anything but steady over the last 90 years, hitting record highs more than a decade ago. Russia’s invasion of Ukraine turned global oil production upside down this time, which one sees in prices at the pump. The sudden spike in gas prices even led politicians across the country to propose tax breaks, debit cards, and rebates to help drivers at the pump. It is not clear whether they will continue to push the proposal with a price cut.
[ad_2]
Source link
