SEATTLE — Across the U.S., drivers continue to see sticker shock at the gas pump. For about a month since Russia invaded Ukraine, gas prices have skyrocketed.
In Washington state, the average price went up nearly 80 cents a gallon last week compared to a month ago.
However, within the last seven days or so, some drivers may have noticed some slight relief.
For Washingtonians, the average cost per gallon is about $4.73 as of Monday, which is about 1 cent less than a week ago, according to AAA.
These sinking gas prices are mirrored across the country, with the national average coming down from a record high of $4.33 on March 11 to $4.25 on Monday.
While it might suggest some brighter days ahead at the pump, the slight dip in prices is actually opposite of what experts would expect to see as the country moves into warmer months.
“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Andrew Gross, a AAA spokesperson in a release. “But we had a slight drop in demand last week, which may be due to higher pump prices.”
The drop in demand was seen in AAA’s new survey that showed 59% of drivers would change their driving habits or lifestyle if gas hit $4 per gallon, according to Gross. If gas prices were to reach $5, as they have in places like Wahkiakum County where the average is about $5.10 per gallon, 75% of drivers said they would have to change their lifestyle to offset the pump price.
Still, will prices continue to dip or is the current relief temporary?
AAA said that lower demand is contributing to price declines, but a dip in crude oil prices is also “creating downward pressure” on gas prices.
Over the last two weeks, the price of crude oil dropped from more than $120 per barrel to below $100. As of Monday, a barrel costs about $105, still about $20 lower than the peak price earlier this month.
If this oil price continues to decrease, then we can expect prices at the pump to go down as well. AAA said crude oil prices could increase this week as the foreign ministers with the European Union meet Monday to decide whether or not they should join the U.S. in banning Russian energy imports like crude oil.