gas prices

Gas Prices Dip, AAA Says, but it Remains Unclear Whether Downward Trend Will Continue

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Officials with AAA say that the average cost of a gallon of gasoline has dropped in recent days, but it remains unclear whether that downward trend will continue as spring moves along.

According to the latest AAA figures released Monday, a gallon of fuel now costs $4.25 in the United States, a drop of $.08 per gallon since hitting a record high of $4.33 on March 11.

Officials blame the surge in fuel costs on Russia’s war with Ukraine and inflation, but higher gas prices have caused depressed demand for fuel.

That factor, along with China stepping up COVID restrictions, helped to drop the price of crude oil on the market this week.

These issues have caused gas prices, which historically rise in the lead-up to Memorial Day as more drivers hit the road, to drop in recent days.

“We had a slight drop in demand last week, which may be due to higher pump prices,” AAA spokesperson Molly Hart said. “In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon.”

According to AAA figures, the average cost of a gallon of fuel in the Chicago Metro area is $4.62 a gallon. Costs in Bloomington, Champaign and Peoria also exceed that average, according to officials.

As for whether or not the trend will continue, the company points to gasoline demand and oil prices as the key indicators to watch.

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