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U.S. gasoline prices edge lower after hitting record high last week


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These translations are done via Google Translate
NEW YORK, March 13 (Reuters) – 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 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.

Oil markets have been volatile recently. 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.

U.S. gas pump prices near a record high
Reuters Graphics

“It appears for now that retail prices have caught up to the rise and oil and are now falling on the big drop in oil that occurred on Wednesday and Thursday,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“However, there may be slight increases down the road if oil prices edge higher.”

Analysts consider $4 a gallon to be a psychological trigger for consumers filling up at the pump that results in cost considerations for motorists.

GLJ
GLJ

Last week, many U.S. and Canadian motorists were already thinking of ways to cut other expenses to pay for fuel. read more

A big change from a year ago A big change from a year ago
Reuters Graphics

Even with prices edging down, consumer sentiment is unlikely to rise, said Devin Gladden, AAA’s manager for federal affairs.

“Consumers are looking at the long-term impact, which is going to be an expensive summer.”



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