It dropped from $4.17 a $4.09
Although the average gasoline price in the US is above $4 per gallon, prices are continuing to fall. The average price of regular gasoline in the United States dropped to $4.09 per gallon this week. This is a drop of $4.17 from a week earlier.
Gas prices have fallen so much since March 2020 when they fell from $2.00 on March 30, to $1.92 one week later. The coronavirus virus pandemic which caused a lot of world to shut down, saw prices plummet. Prices fell with the drastic drop in demand . Average US gas prices dropped by almost 50 cents. Two years ago, a barrel of crude oil was worth just $25.
Brent and WTI crude oil prices are hovering around $100 per barrel today. Brent prices sit at $104.90, while WTI prices sit at $100.70. These figures are higher than they were a week ago. This is a reminder of the fact that crude oil prices aren’t stable after spikes at the end February when Russia invaded Ukraine. Brent prices are $104.90 while WTI is $100.70. But crude oil prices have fallen from an all-time high of $130 in March. The price of a gallon was $4.31 back then.
The Gulf Coast and Midwest consumers continue to pay the lowest gas prices in the US. Prices dropped 8 cents, and fell to $3.73 in states near the Gulf Coast. The average price of gas on the US East Coast is now below $4.00 per gallon. However, prices on the West Coast are still at $5.13 per gallon. The average US Rocky Mountains gas price is $4.14. This is 2 cents less than the end March.
Although crude oil prices are now lower than they were one month ago, the market still faces instability due to the ongoing conflict in Ukraine. Gas prices remain well above the average price of crude oil before the war and it is not clear if they will fall, level off or, worse, increase again.