Gasoline prices in Houston and across the nation fell for the third consecutive week as crude continued its retreat from 14-year highs.
Karen Warren, Houston Chronicle / Staff photographer
The average price of gasoline in Houston slid by 4 cents to $3.83 a gallon, according to the fuel-price tracking website GasBuddy, down from the recent peak of $3.95 a gallon on March 14. Prices, however, are still 34 cents a gallon higher than a month ago and $1.27 higher from a year ago. Nationally, gasoline averaged $4.17 a gallon, down 5 cents over the week. The national average is 25 cents a gallon higher than a month ago and $1.31 higher than a year ago.Crude oil, which traded above $120 a barrel shortly after the Russian invasion of Ukraine, fell below $100 a barrel Friday, following a new round of COVID-19 lockdowns in China and the announcement by the Biden administration and other industrialized nations to release large amounts of crude from their reserves.
"So long as oil prices remain under $100 per barrel and there's no escalations in Russia's war on Ukraine," said Patrick De Haan, head of petroleum analysis at GasBuddy.,"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."
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