Gas prices drop, says AAA, but still unclear if downward trend will continue – NBC Chicago

AAA officials say the average cost of a gallon of gas has fallen in recent days, but it’s unclear if that downward trend will continue as spring wears on.

According to the latest AAA figures released on Monday, a gallon of fuel now costs $4.25 in the United States, down $0.08 a gallon since hitting a record high of $4.33 on March 11.

Officials blame the spike in fuel prices on Russia’s war with Ukraine and inflation, but rising gas prices have led to lower fuel demand.

This factor, along with China’s tightening of COVID restrictions, has helped to lower the price of crude oil in the market this week.

These issues have driven down gasoline prices, which historically rise in the run-up to Memorial Day as more and more drivers hit the road in recent days.

“We had a slight drop in demand last week, which may be due to higher pump prices,” AAA spokeswoman Molly Hart said. “In our new driver survey, 59% said they would change their driving habits or lifestyle if the cost of gas reached $4 a gallon.”

According to AAA figures, the average cost of a gallon of fuel in the Chicago metro area is $4.62 per gallon. Costs in Bloomington, Champaign and Peoria also exceed that average, officials said.

As to whether or not the trend will continue, the company says gasoline demand and oil prices are the main indicators to watch.

NBC Chicago

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