Gas prices have steadily decreased since reaching record highs in early March, but experts predict the fall won’t last much longer as seasonal demand and the rise of oil prices are expected to increase the price at the pump.
As of Wednesday, the national average for a regular gallon of gas is $4.11, according to AAA. While it’s still a ways to go from the national record – not adjusted for inflation – of $4.33 reached on March 11, it is the first weekly increase since the average was $4.07 one week ago.
Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, wrote on Monday that oil prices could play a role in the increasing prices for gas.
“We’ve now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia’s war on Ukraine,” De Haan wrote. “However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues.”
Even though President Joe Biden ordered on March 31 the release of up to 180 million barrels of oil from the country’s emergency reserves within the next six months in an effort to help lower costs, global oil prices continue to climb.
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U.S. crude oil costs $102.54 per barrel, while Brent crude, the international standard, costs $105.49 as of Tuesday, according to the U.S. Energy Information Administration. Prices could continue to rise as well, as the European Union is planning to ban Russian oil. For…
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Wanda Beck
View More PostsWanda Beck is a technology reporter who covers the intersection of business and crypto. A native of Boston, Wanda spent almost five years at The Boston25News, where she wrote extensively about the media industry's struggle to adapt to the Internet.
