CAMARILLO, Calif. (AP) — The average U.S. price of a gallon of regular gasoline has fallen 10 cents to $4.27 a gallon over the past two weeks as oil prices continue to be “yo-yo,” industry analyst Trilby said Lundberg on Sunday.
The price at the pump was $1.32 higher than a year ago, according to the Lundberg survey conducted on Friday.
The nation’s highest average price for regular gas was $5.85 per gallon in Los Angeles. The lowest average was in Tulsa, Oklahoma at $3.52 per gallon.
According to the survey, the average price of diesel was $5.13 a gallon, down 2 cents in two weeks.
Lundberg said prices have fallen dramatically over the past two weeks, partly because higher prices reduced demand in the second half of March.
However, the decline is not a sign of further declines given, among other things, global oil supplies are tight due to an OPEC production slump last month, Lundberg said.
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The war in Ukraine has also caused uncertainty around the world. The US has banned all Russian energy supplies, but Lundberg said sanctioned Russian oil still finds “big buyers like India and China who are happy to pay discount prices.”
To stem soaring energy prices, President Joe Biden last month ordered the release of 1 million barrels of oil per day from the country’s strategic oil reserves for six months.
On Thursday, the International Energy Agency announced that its member countries would release 60 million barrels of oil from their emergency reserves, in addition to earlier pledges by the United States.
According to the Paris-based organization, new commitments from its 31 member states, which include the US and much of Europe, total 120 million barrels over six months, the largest release in the group’s history.
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