Gas Prices Slowly Falling In US As Oil Hovers Around $100 Per Barrel

It’s down to around $4.17 on average across the country.

Gas prices in the United States averaged $4.23 per gallon last week. According to the US Energy Information Administration, the average cost of petrol has dropped to $4.16 per gallon for normal unleaded this week. Oil prices, on the other hand, aren’t as willing to change, and they’re still hovering around $100 a barrel.

Brent crude oil prices were $101.50 per barrel on April 6, while WTI crude oil prices were $96.76 per barrel. That’s a significant decline from a month ago, when barrel prices above $130, but it’s still a significant increase. Drivers in the United States were paying an average of $4.31 a gallon for regular unleaded at the time, so there has been some progress, even if the pain at the pump remains.

The Midwest and Gulf Coast residents pay the least, with gas prices averaging under $4.00 per gallon in such areas. The coastlines are spending the most, particularly the US West Coast, where prices are currently averaging $5.22 per gallon.

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Global gas prices are all over the map, with oil-producing countries like Venezuela, Iran, Kuwait, and others sipping on the cheap stuff. Gas in Venezuela is a reported $0.09. Countries in Europe are paying the most, with prices still well above $7 a gallon. However, prices are starting to fall. German drivers, for example, were paying just over $9.00 a gallon for gas a month ago, but prices are now at $8.27. Hong Kong has the priciest gas, costing nearly $11 a gallon on average.

Gas prices are constantly fluctuating, and a look back at US history shows they’ve been everything but stable over the last 90 years, reaching record highs just over a decade ago. The Russian invasion of Ukraine upended global oil production this time around, which people see in the prices at the pump. The sudden spike in gas prices even had politicians across the country proposing tax holidays, debit cards, and rebates to help drivers at the pump. It’s unclear if they’ll continue to push those proposals with falling prices.

Source: US Energy Information Administration