Weekly Fuel Prices Decline Again

Fuel prices declined again last week as COVID cases surged in China, and President Biden announced that the U.S. would release 180 million barrels from the Strategic Petroleum Reserve. The nation’s average gas price fell 5.4 cents to $4.17 per gallon, according to GasBuddy, while diesel prices fell 3.7 cents to $5.08 per gallon. Still, the national average gas price is up 25.5 cents from a month ago and $1.31 per gallon higher than a year ago. GasBuddy’s Patrick De Haan says, “So long as oil prices remain under $100 per barrel and there’s no escalations in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week.” With President Biden’s announcement that the nation would release 180 million barrels of crude oil last week, the price of oil fell under $100 in the second half of the week. In addition, a jump in Covid cases in China sparked renewed concerns about demand destruction.

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