U.S. gas prices on downward trend, AAA data show

UPI

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Gas prices continue on a downward trend across the United States, AAA data showed Monday.

Regular gasoline dropped by about 8 cents compared to last week’s price of $4.19 per gallon.

The national average price for regular gasoline stood t $4.11 a gallon on Monday, with diesel at $5.04 and premium gas at $4.80.

The highest-recorded national average for regular gas one month ago on March 11 was $4.33.

Some states continue to fare better than others.

California remains the costliest state to refuel, with an average cost of $5.76 compared to the previous week’s average of $5.85.

Fluctuating oil prices continue to heavily influence what drivers pay at the pump.

Gasoline prices will likely face downward pressure if oil prices keep below $100 per barrel, AAA reports.

In late March, as a response to rising gas prices, President Joe Biden ordered that an extra 1 million barrels of oil be released daily from the U.S.’s strategic petroleum reserve for six months.

In what’s thought to be the largest-ever release for the reserve, the amount of oil would total 180 million barrels, Biden announced.

In a House committee meeting on Wednesday, Democrats and Republicans went up against oil industry executives as the companies continue to rake in profits while gas prices remain high.

“As oil prices rise and Americans are hurting, the six oil companies testifying today made more than $75 billion in profits between them last year,” said House Energy and Commerce Chairman Frank Pallone Jr., D-N.J., said at the hearing.

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