The possible formation of a new hurricane in the Gulf of Mexico could delay or even temporarily reverse the decline in pump prices.
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“The clouds of war overseas are less dark at the moment and the Atlantic is quiet now too, which is taking pressure off of oil prices,” says AAA.
Drop comes as a tropical wave with storm-forming potential slowly approaches; AAA adds kilowatt-per-hour cost for L2 commercial charging by state.
The upward trend is likely to continue as travelers start heading out of town for Spring Break.
Pump prices have lost 32 cents since their 2023 peak of $3.88 a month ago — see the states with largest decreases and least expensive markets.
Oil prices have risen a few dollars per barrel this week, but that is far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine.
Pump prices appear to be defying the odds at the moment, despite the surge in the cost of oil,” says AAA spokesperson.
