Average U.S. gas price drops 10 cents to US$4.27 per gallon

CAMARILLO, Calif. –

As oil prices continue to rise, the average U.S. gallon price of regular-grade gasoline fell 10 cents in the past two weeks to US$4.27 per galon. “yo-yo,”Trilby Lundberg was an industry analyst.

According to Friday’s Lundberg Survey, the pump price was US$1.32 more than it was a year ago.

Los Angeles was the nation’s most expensive place to buy regular-grade gasoline at US$5.85 per gallon. Tulsa (Okla.) had the lowest average at US$3.52 a gallon.

The average diesel price was US$5.13 per gallon according to the survey. This is down 2 cents in two weeks.

Lundberg claimed that prices have dropped dramatically in the past week due to lower demand during the second quarter of March.

Lundberg explained that although the drop is not indicative of further declines, it is not a sign that there will be any.

Global uncertainty has also been sparked by the conflict in Ukraine. While the U.S. has imposed sanctions on all Russian energy supplies, Lundberg said that Russia is still supplying oil. “big buyers like India and China happy to pay discount prices.”

In an effort to lower spiking energy prices the U.S. President Joe Biden issued a six-month order for 1 million barrels per day from the nation’s strategic petroleum reserve.

The International Energy Agency (IEA) announced that its member nations are releasing 60,000,000 barrels of oil from emergency reserves. This is in addition of previous United States pledges.

The Paris-based organization claims that the 31 member countries, which include the U.S., have made new commitments totaling 120 million barrels in six months. This is the largest release in the group’s history.