As gas prices still remain a hot topic on Capitol Hill, the average prices have dropped 10 cents over the past two weeks.
At a glance
- The average U.S. price of a gallon of regular-grade gasoline has dropped 10 cents over the past two weeks
- The average price for a gallon of regular-grade gasoline is now $4.27
- Current gas prices at the pump are $1.32 above what it was just one year ago
- Los Angeles currently has the highest average price for regular-grade gas at $5.85 per gallon
- Tusla, Oklahoma now has the lowest average price of gas at $3.52 per gallon
According to ABC News, oil and gas industry analyst Trilby Lundberg revealed on Sunday (April 10th) that the average U.S. price of a gallon of regular-grade gas has dropped 10 cents over the past two weeks. However, the price was $1.32 above what it was just a year ago.
Lundberg also observed that in regards to nationwide gas prices, the highest average price for regular-grade gas is in Los Angeles, at $5.85 per gallon. Meanwhile, the lowest average is in Tusla, Oklahoma, at $3.52 per gallon.
Lundberg’s survey also shows that the average price of diesel is $5.13 per gallon. Alos down 10 cents over two weeks. Lundberg further explained that prices dropped due to the highest prices reduced demand during the second half of March 2022. But Lundberg also shared that the drop in gas prices isn’t predictive of further decline. This is because the global oil supply remains tight due to a dip in output in March by OPEC.
Lundberg further acknowledges that the conflict between Ukraine and Russia has sparked global uncertainty when it comes to gas prices.
International Energy Agency Reveals Member Countries Are Releasing 60 Million Barrels of Oil From Their Emergency Reserves
Meanwhile, ABC News revealed that the International Energy Agency’s member countries are releasing 60 million barrels of oil. This is all from the member’s emergency reserves. This is on top of what the U.S. previously pledged.
The International Energy Agency also reported that the new commitments made by its 31 members, including the U.S. and much of Europe, the amount is now totaling 120 million barrels over six months. This is considered the latest release in the group’s history.
The Biden Administration recently authorized the release of one million barrels of oil from strategic reserves for the next six months. At the time of this news, President Biden blamed three distinct factors for the excessive increase in gas prices. These are Russia, COVID-19, and greedy oil companies.
President Biden declared during an appearance, “Today I want to talk about one aspect of Putin’s war that affects and has real effects on the American people: Putin’s price hike that Americans and our allies are feeling at the pump. I know how much it hurts. As you’ve heard me say I grew up in a family, like many of you, where the price of gasoline was discussed at the kitchen table. None of it should hinge on whether a dictator declares war.”