The average price of regular gasoline in the US sits at above $4 a gallon, but prices continue to fall. This week, US consumers saw prices make their most significant drop in over two years, averaging $4.09 across the country. That’s down from $4.17 a week ago.
The last time gas prices dropped this much was in March 2020, when prices fell from $2.00 on March 30 to $1.92 a week later. Prices cratered in the wake of the coronavirus pandemic shutting down a lot of the world. The drastic drop in demand saw prices fall with it, with average US gas prices falling by nearly 50 cents at the time. A barrel of crude oil cost just over $25 two years ago.
Today, WIT and Brent crude oil prices continue to hover around $100 a barrel, with WIT prices sitting at $100.70 while the price of Brent is a tad higher at $104.90. Those figures are up from a week ago, a reminder that prices are not stable yet after spiking when Russia invaded Ukraine at the end of February. However, crude oil prices are down from a high of $130 in early March. Drivers were paying $4.31 a gallon then, too.
Consumers living in the Gulf Coast and Midwest continue to pay the least for gas in the US, with prices dropping by 8 cents and falling to $3.73 in states along the Gulf Cost. Prices on the US East Coast are now averaging below $4.00 a gallon; however, those on the West Coast continue to pay the most as prices average $5.13 a gallon this week. The average gas price in the US Rocky Mountains is unchanged from last week, sitting at $4.14, 2 cents cheaper than at the end of March.
While crude oil prices are lower than they were a month ago, the market is still facing instability from the ongoing war in Ukraine. Gas prices are still well above average from before the war, and it’s unclear if prices will continue to fall, level off, or worse – increase again.
Source: US Energy Information Administration
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