Gas prices sink slowly after hitting record high
(Gray News) - After hitting a record high of $4.33 on March 11, the national average for a gallon of gasoline is sinking slowly, hitting $4.25.
That’s seven cents less than a week ago, but still $1.37 more than a year ago, according to AAA.
Maryland saw the largest decrease in price with the average being 46 cents less than it was last week.
AAA cites the lower global price of crude oil for the drop in price.
According to AAA, there is typically a seasonal uptick in demand for fuel, but demand has dipped this year.
“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,” said Andrew Gross, AAA spokesperson. “But we had a slight drop in demand last week, which may be due to higher pump prices.”
A recent survey by AAA showed that 59% of drivers said they would change driving habits or lifestyles if the cost of gas hit $4 per gallon.
“The drop in gas demand is contributing to price decreases, but the recent reversal in oil prices is creating downward pressure on pump prices,” AAA reported. “If the oil price continues to decline, pump prices will likely follow suit. However, should oil prices start to climb again, pump prices will likely follow.”
California has the highest average price at $5.85 a gallon.
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