Gasoline prices are listed at a gas station in Brooklyn on March 8, 2022 in New York City.
Spencer Platt | Getty Images
U.S. gas prices at gas stations fell over the weekend after hitting an all-time high last week following Russia’s invasion of Ukraine.
Retail gasoline prices fell for a second straight day on Sunday to $4.325 a gallon, down from Friday’s record high of $4.331, according to data from the American Automobile Association. The Russian invasion of Ukraine at the end of February has since roiled energy markets around the world, pushing up fuel costs for motorists, who also suffered from higher inflation.
Oil markets have been volatile lately. Global Brent oil futures rose to $139.13 a barrel last Monday, the highest level since 2008. They then fell to $105.60 a barrel on Wednesday.
“At the moment, it looks like retail prices have caught up with the rise and oil and are now falling due to the big drop in oil that happened on Wednesday and Thursday,” said Patrick De Haan, head of oil analysis at GasBuddy.
“However, there may be a slight increase in the future if oil prices rise.”
Analysts believe $4 a gallon is a psychological trigger for consumers filling up at a gas station, leading to cost considerations for motorists.
In the past week, many American and Canadian motorists have been thinking about ways to cut other fuel costs.