In a memo from AAA, they say that “The recent dip in pump prices has reversed, with the national average for a gallon of regular gas rising four cents over the past week to $4.12.”
Adding that “Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer” and these “opposing forces are causing the oil price to hover around $100 a barrel.”
Andrew Gross, an AAA spokesperson said that as long as the price of oil stays high, it is unlikely for the price at the pump to reduce.
“As long as the price of oil stays elevated, the price at the pump will struggle to fall,” Gross said.
A year ago, AAA says that the national average price was $2.885/gallon for regular.