Gas prices remain high, but falling oil price halts recent surge

The price of crude oil has gradually fallen below $110 per barrel after cresting above $123, providing a glimmer of hope amid soaring gas prices.

The national average for a gallon of gas reached $4.33 on March 11 before dropping a penny and holding through the weekend, according to a news release from AAA.

As pointed out by AAA spokesperson Andrew Gross, the cost of oil accounts for about half of what drivers pay for gas. The ongoing war in Ukraine has roiled the tight global oil market and made it difficult to determine if pump prices have peaked.

AAA reported the national average of $4.32 is 26 higher than more than a week ago, 84 cents more than a month ago, and $1.47 more than a year ago.

The nation’s top 10 largest weekly increases were: Utah (+51 cents), Arizona (+48 cents), California (+40 cents), Idaho (+40 cents), Nevada (+36 cents), Florida (+34 cents), Alaska (+33 cents), Georgia (+32 cents), New Mexico (+29 cents) and Washington (+29 cents).

The nation’s top 10 most expensive markets were: California ($5.74), Nevada ($4.95), Hawaii ($4.95), Washington ($4.73), Oregon ($4.73), Alaska ($4.72), Arizona ($4.60), Illinois ($4.56), Washington, D.C. ($4.50) and Connecticut ($4.46).