Gas Prices Are Starting To Retreat As Average Price Drops By 10 Cents

After reaching a record high last month, the average price of gasoline is beginning to fall, dropping by 10 cents over the past two weeks. Industry analyst Trilby Lundberg reported that the average cost for a gallon of gas fell to $4.27.

Los Angeles has the highest gas prices in the nation, with an average cost of $5.85 per gallon. The lowest average in the country is in Tulsa, Oklahoma, where gasoline costs just $3.52 per gallon.

Lundberg explained that the decrease in gas prices was the result of a reduced demand during the last two weeks of March.

The price of oil is also falling, with crude futures dropping by nearly three percent on Monday (April 11). Brent futures are just above $100 a barrel, down significantly since reaching $140 a barrel in early March.

While the price of gas is declining, it is still much higher than it was last year, when the price of gas averaged $2.95 a gallon.

Don't expect the prices to keep dropping, though. The global supply of oil remains tight due to the ongoing war in Ukraine, which has disrupted energy markets in many countries that rely on Russia for oil and natural gas.