03/13/2022

U.S. Gasoline Prices Edge Lower

They hit a record high last week

U.S. gasoline prices at the pump edged lower over the weekend after reaching all-time highs last week following Russia's invasion of Ukraine.

Retail gasoline prices fell for the second straight day on Sunday to $4.325 per gallon, below a record of $4.331 hit on Friday, according to American Automobile Association (AAA) data. Russia's invasion of Ukraine in late February has roiled energy markets worldwide since, bringing more expensive fuel costs to motorists who have also been hit by higher inflation.

Recently, oil markets have been volatile. Global benchmark Brent crude futures rose to $139.13 per barrel last Monday, the highest since 2008. They then plummeted to as low as $105.60 per barrel on Wednesday. The oil producers and organizations like OPEC have failed to drop the prices in-line with the market declines.

Please select this link to read the complete article from Reuters.