Soaring gas prices were up another 4 cents Monday, following a small dip at the pump last week.
The national average for a gallon of regular gas rose to $4.12, a drop of 12 cents from a month ago, but $1.24 more than this time last year, according to AAA.
While gas prices dropped last week, the small relief at the pump from March’s record-high prices was short-lived.
“As long as the price of oil stays elevated, the price at the pump will struggle to fall,” said Andrew Gross, AAA spokesman. “Consumers may be catching a little break from March’s record-high prices, but don’t expect any dramatic drops.”
Oil prices hovered around $100 a barrel amid concerns of a COVID-19 economic slowdown in China, the world’s leading oil consumer, and less Russian oil entering the world market due to the invasion of Ukraine.
President Joe Biden banned all U.S. sales and imports of Russian oil March 8.
“We will not subsidize Putin’s war,” Biden said. “There will be costs here in the United States, as well.”
According to new data from the Energy Information Administration, demand for gasoline increased slightly last week, as gasoline stocks dropped. The EIA says supply and demand factors typically edge gas prices higher, but the fluctuating oil price is the main reason for higher prices at the pump.
And EIA expects higher oil prices to continue to drive up gas prices the summer travel season: “Crude oil prices have generally risen since the start of the year partly as a result of geopolitical developments, particularly Russia’s war against Ukraine.”
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