For the first time in twelve weeks, the national average price of gasoline declined, down nine cents from a week ago.
The national average gas price Monday was $4.24 a gallon, and the average diesel price fell 10 cents to $5.03 per gallon.
The national average gas price is up 71.5 cents from a month ago and $1.37 per gallon higher than a year ago.
GasBuddy’s Patrick De Haan says, “While the decline is still subject to changes in global supply and demand, COVID and Russia’s war on Ukraine, we are poised to see additional downdrafts at the pump this week.”
However, not everyone will see the relief, as West Coast gas prices keep rising.
Oil markets have seen a dramatic rise in volatility due to lower liquidity prompted by exchanges raising margin requirements to ensure liquidity as oil prices trade wildly.
U.S. retail gasoline demand saw a rise last week as national weekly gasoline demand rose 2.9 percent from the prior week.
(Story Courtesy of the NAFB News Service)