Gas prices are displayed at a gas station in Brooklyn on March 8, 2022 in New York City.
Spencer Platt | beautiful pictures
U.S. pump gas prices fell slightly over the weekend after hitting an all-time high last week following Russia’s invasion of Ukraine.
Retail gasoline prices fell for a second straight day on Sunday to $4,325/gallon, below the record $4,331 hit on Friday, according to data from the American Automobile Association. Russia’s invasion of Ukraine in late February roiled energy markets around the world, dragging on more expensive fuel costs for motorists, who were also affected by higher inflation. .
The oil market has been volatile in recent times. Global benchmark Brent crude oil futures prices rose to $139.13 a barrel last Monday, their highest level since 2008. Then, they plummeted to $105.60 a barrel on Wednesday.
“It looks like retail prices have caught up with the upside and are now falling due to the sharp drop in oil prices that occurred on Wednesday and Thursday,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“However, there could be slight rallies if oil prices move higher.”
Analysts see $4 a gallon as a psychological trigger for consumers to refill the pump, leading to cost considerations for motorists.
Last week, many motorists in the US and Canada thought of ways to cut other costs to pay for fuel.
