Gas prices remain high, but falling oil prices halts daily surge in pump prices
(Gray News) – The average price of gas has increased for the 11th straight week across the United States, climbing 26.4 cents from a week ago, according to GasBuddy.
GasBuddy reports the national average stands at $4.32 per gallon, which is up 83.6 cents from a month ago and $1.47 per gallon higher than a year ago.
AAA reports the national average fell a penny since Friday and held at that price throughout the weekend.
“While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we’ve experienced over the last few weeks,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
According to AAA, the price of crude oil has gradually fallen below $110 per barrel.
AAA spokesperson Andrew Gross explained the cost of oil accounts for 50% of what drivers pay at the pump.
“This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices,” Gross said.
Consumers can expect the current trend at the pump to continue as long as crude prices climb.
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