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The average price of regular gasoline in the US is above $4 per gallon, but prices continue to fall. This week, US consumers saw prices make their most significant decline in more than two years, averaging $4.09 across the country. That’s down from $4.17 a week ago.
The last time gas prices fell this much was in March 2020, when they fell from $2.00 on March 30 to $1.92 a week later. Prices are falling after the coronavirus pandemic shuts down much of the world. The drastic drop in demand kept prices down with it, with the average US gas price down nearly 50 cents in that time. A barrel of crude oil cost more than $25 two years ago.
Today, WIT and Brent crude prices continue to hover around $100 per barrel, with WIT prices hovering at $100.70 while Brent prices are slightly higher at $104.90. The numbers are up from a week ago, a reminder that prices have not stabilized after soaring when Russia invaded Ukraine in late February. However, crude oil prices fell from a high of $130 in early March. Drivers also paid $4.31 per gallon at the time.
Consumers living in the Gulf Coast and Midwest continued to pay the least for gas in the US, with prices down 8 cents and down to $3.73 in states along the Gulf Cost. Prices on the US East Coast are now averaging under $4.00 a gallon; however, those on the West Coast continue to pay the most as prices averaged $5.13 per gallon this week. The median gas price in the US Rockies was unchanged from last week, at $4.14.2 less than at the end of March.
While crude oil prices are lower than last month, the market is still facing instability from the ongoing war in Ukraine. Gas prices are still well above their pre-war averages, and it’s unclear whether prices will continue to fall, fall, or worse – rise again.
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