(Undated) – The price of oil continues to fall, as a result so do gas prices. According to GasBuddy Head of Petroleum Analysis, Patrick DeHaan, oil prices fell last week as COVID cases in China surged, prompting restrictions on movements and hurting oil demand. Meanwhile, President Biden’s announcement that the U.S. would be releasing one-hundred-eighty-million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week. DeHaan says, so long as oil prices remain under $100 per barrel and there’s no escalation in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower. The current national average has fallen to $4.18 a gallon.
