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U.S. gasoline prices edge lower after hitting record high last week

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The prices of gas are shown at the Brooklyn Gas Station on March 8, 2022 in New York City.

Spencer Platt | Getty Images

The U.S. gas prices dropped this weekend, after hitting all-time highs during the week that followed Russia’s invasion Ukraine.

According to data from the American Automobile Association, retail gasoline prices dropped for the second consecutive day to $4.325 per galon on Sunday. This is below Friday’s record $4.331. Russia’s invasion of Ukraine late February has disrupted energy markets around the world, leading to more costly fuel for motorists. Inflation is also a factor.

Recently, oil markets were volatile. The global benchmark Brent crude oil futures rose last Monday to $139.13/barrel, their highest level since 2008. Then, they plummeted as low as $105.60 per barrel on Wednesday.

Patrick De Haan (head of Petroleum Analysis at GasBuddy) stated that it appears retail prices have now caught up with the rising oil price and are falling due to Thursday’s huge drop in oil.

If oil prices increase, however, we may see slight rises in the future.”

An analyst believes that $4/gallon can be used as a trigger to make consumers go to the pumps. It also results in price considerations for motorists.

Many Canadian and American motorists had already begun to think of cutting other costs to fuel.

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