By Stephanie Kelly

NEW YORK (Reuters – U.S. gasoline price at the pump fell over weekend, after hitting all-time highs last Wednesday following Russia’s invasion Ukraine.

The retail gasoline price fell to $4.325 per g on Sunday, a decrease of $4.331 from Friday according to American Automobile Association data. Russia’s February invasion of Ukraine has caused turmoil in the energy market worldwide. This led to higher fuel prices for motorists, who also have been affected by rising inflation.

Recent volatility has been evident in the oil market. The global benchmark futures reached $139.13 per barrel last Monday. This is the highest level since 2008. On Wednesday, however, the prices plummeted to $105.60 per barrel.

Graphic – U.S. gas pump prices steady at record high: https://graphics.reuters.com/UKRAINE-CRISIS/USA-GASOLINE/mopandbkbva/chart.png

Patrick De Haan (head of petroleum analysis, 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.

However, slight price increases may occur if the oil prices rise.

According to analysts, $4 per gallon is a psychological trigger that consumers use when filling up at the pumps. This results in motorists having to pay more.

Many motorists in the U.S., Canada and elsewhere were looking for ways to reduce fuel costs.

Graphic – A big change from a year ago: https://graphics.reuters.com/UKRAINE-CRISIS/USA-GASOLINE/dwvkrlqeepm/chart.png

Devin Gladden (manager for federal affairs at AAA), stated that prices may be falling but consumer sentiment will not rise.

“Consumers look at the longer-term effect, which will prove to be an expensive season.”