March 22 (UPI) — Average gasoline prices have dropped over the past 10 days after reaching a record-high $4.33 on March 11, giving motorists some hope as the Spring Break and warmer months arrive, according to a new report by AAA.
The decrease in crude oil prices, which peaked when Russia began its invasion of Ukraine on Feb. 24, has dropped $20 to around $105 per barrel.
“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” AAA spokesman Andrew Gross said in a statement. “But we had a slight drop in demand last week, which may be due to higher pump prices.
“In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump price.”
According to the Energy Information Administration, West Coast prices, typically the highest in the country fell to $5.319 per gallon from $5.416 a week ago.
“While the decline is still subject to changes in global supply and demand, COVID-19 and Russia’s war on Ukraine, we are poised to see additional downdrafts at the pump this week,” said Patrick De Haan, head of petroleum analysis at Gas Buddy.
“For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway.”
