Gas prices steady for now, but oil prices remain high

California High Gas Prices
Posted at 10:41 AM, Mar 28, 2022
and last updated 2022-03-28 10:41:51-04

The drop in gas prices has slowed over the last week as oil prices remain high.

Today's national average for a gallon of gas is $4.24, which is one cent less than a week ago, 63 cents more than a month ago, and $1.38 more than a year ago, AAA says.

“The global oil market reflects the volatility caused by the war in Ukraine grinding onward,” said Andrew Gross, AAA spokesperson. “And with oil prices refusing to fall, the price at the pump is likewise meeting resistance at dropping further.”

AAA says gasoline demand in the United States is defying seasonal trends and has dipped for the second straight week, possibly due to higher pump prices and consumers altering their driving habits.

If oil prices continue to rise, pump prices will likely follow suit, AAA says.

The national average gas price is up more than 75 cents since the start of 2022.