economy
Gas Prices: Decrease at the Pumps for the First Time After Announcement of Ceasefire
The national average price for regular gas decreased slightly on Friday to $4.153 per gallon, according to AAA, bucking the weekslong trend of rising gas prices since February. The 1-cent decline in costs marked the first time that gas prices had dropped since the announcement of the two-week ceasefire between the United States and Iran.
TL;DR
- The national average price for regular gas decreased by 1 cent to $4.153 per gallon on Friday.
- This is the first gas price drop since the announcement of a two-week ceasefire between the United States and Iran.
- Gas prices have steadily climbed since setting a five-year low of $2.79 per gallon on January 12.
- Prices have risen substantially since the beginning of March, when a gallon cost $2.984.
- Despite Friday's drop, current prices are higher than at the start of the week, a month ago, and a year ago.
- The military conflict with Iran and its impact on the Strait of Hormuz are cited as factors.
- California has the highest state average gas price at $5.916 per gallon, while Oklahoma has the lowest at $3.479 per gallon.
- Fuel prices in Washington, D.C., Maryland, Delaware, and Virginia also saw decreases on Friday but remain higher than a week and month ago.