CAMARILLO, Calif. — The average U.S. price of a gallon of regular-grade gasoline dropped 6 cents over the past two weeks to $4.37 per gallon.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the decrease comes after nine straight weeks of price hikes totaling 98 cents. According to the survey, the average price of diesel is $5.16 a gallon, down 4 cents over two weeks.
The price at the pump is $1.42 higher than it was a year ago.
Nationwide, the highest average price for regular-grade gas is in Los Angeles, at $5.99 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.70 per gallon.
Oil prices have been volatile since Russia’s war against Ukraine began in February. Russia is the second-biggest crude exporter. Energy prices were already high, but the conflict has raised concerns about a worsening supply crunch that could maker persistently rising inflation even worse.
The United Arab Emirates’ energy minister on an oil alliance with Russia, saying it’s an important member of the global OPEC+ energy alliance with its output of 10 million barrels of oil a day.
“And leaving the politics aside, that volume is needed today,” Suhail al-Mazrouei said. “Unless someone is willing to come and bring 10 million barrels, we don’t see that someone can substitute Russia.”
Led by Saudi Arabia and Russia, the alliance has the capacity to increase oil output and bring down crude prices that have soared past $100 a barrel.
Benchmark U.S. crude fell $6.67 to $107.23 a barrel Monday in electronic trading on the New York Mercantile Exchange. It rose 1.4% to settle at $113.90 per barrel late Friday. Brent crude, the international pricing standard, fell $6.27 to $111.10 a barrel.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.