Average US Gas Price Drops 10 Cents to $4.27 a Gallon | Oklahoma News

CAMARILLO, Calif. (AP) — The average U.S. price for a gallon of regular gasoline has fallen 10 cents over the past two weeks to $4.27 a gallon as oil prices continue to “yo-yo “said industry analyst Trilby Lundberg on Sunday.

The price at the pump was $1.32 higher than it was a year ago, according to the Lundberg survey conducted on Friday.

Nationally, the highest average price for regular gas was in Los Angeles at $5.85 per gallon. The lowest average was in Tulsa, Oklahoma, at $3.52 per gallon.

According to the survey, the average diesel price was $5.13 a gallon, down 2 cents over two weeks.

Lundberg said prices had fallen dramatically over the past two weeks, in part because higher prices reduced demand in the second half of March.

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However, the decline is not predictive of further declines as, among other things, global oil supply is tight due to an OPEC production cut last month, Lundberg said.

The war in Ukraine has also created global uncertainty. The United States has banned all Russian energy supplies, but Lundberg said sanctioned Russian oil still finds “big buyers like India and China happy to pay discounted prices.”

In a bid to curb soaring energy prices, President Joe Biden last month ordered the release of one million barrels of oil a day from the country’s Strategic Petroleum Reserve for six months.

On Thursday, the International Energy Agency said its member nations were releasing 60 million barrels of oil from their emergency reserves on top of previous pledges by the United States.

The Paris-based organization says new commitments made by its 31 member countries, which include the United States and much of Europe, amount to a total of 120 million barrels over six months, the most great rejection of the group’s history.

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