April 11, 2022 – Average national gasoline prices dropped to $4.11 a gallon on Sunday, the lowest level since the average hit $4.33 on March 6, according to auto club AAA. The last time a losing streak endured for this long was in September 2020.
Lower fuel costs offer some relief to American consumers who have been grappling with higher prices from food to housing amid decades-high inflation. The Biden administration’s decision at the end of last month to order the largest oil release in history from its reserves, amounting to a million barrels of oil a day for six months, has helped cool prices.
Pump prices could pull back to the $3.50-$4 a gallon range by Memorial Day, said Bob Yawger, director of the futures division at Mizuho Securities. The decline would correlate to West Texas Intermediate crude futures trading in the $85-100 a barrel range, he said.