Gas pump pain eases as gas prices reverse, AAA says

Prices at the pump have continued to fall, with the average price falling below $4 “across much of the country,” according to the AAA.

AAA cited falling oil prices for the recent fall in pump prices. The cost of oil accounts for 50% of what consumers pay at the pump.

Oil prices are being weighed down by “significant releases” of oil reserves by the US and its allies, as well as “fears of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations,” so AAA.

As of Tuesday morning, West Texas Intermediate crude was trading at $98.20 a barrel.

The average for a standard gallon of gasoline fell to $4.09 on Tuesday, down from $4.17 reported a week ago, according to AAA data. It’s also a notable drop from the record high of $4.33 set on March 11, according to AAA.

Gas station near Washington, DC.
Prices finally stabilized at the end of March and have been gradually declining ever since.
Getty Images

Pump prices had risen for most of the year due to demand outstripping supply and geopolitical tensions. However, prices finally stabilized at the end of March and have been steadily declining ever since.

It’s bringing some relief to US motorists as travel picks up again for the spring and summer seasons. AAA spokesman Andrew Gross said the drop “may be a boon for drivers who will be on the road more when warmer weather returns.”

Last week, Washington, DC saw the sharpest drop, with prices in the region falling about 14 cents. Connecticut was close behind, with prices down 11 cents. Meanwhile, prices fell 10 cents in Indiana, Ohio, South Carolina and Rhode Island, according to the AAA.

Prices fell 9 cents in Georgia, Wisconsin and Florida. Gas pump pain eases as gas prices reverse, AAA says


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