U.S. crude prices cratered on Tuesday and are now down 27% from the $130 per barrel peak.
A motorist pumps gasoline at a Mobil gas station following Russia's invasion of Ukraine, in West Hollywood, Calif., Friday, Feb. 25, 2022."If these levels hold, gas stations will be able to quickly recoup any losses from the intense rise in oil prices over the last few weeks," GasBuddy spokesperson Nicole Petersen told FOX Business. "This means they'll be able to lower prices at the pump relatively quickly as well.
The national average has continued to rise since the beginning of the year due to strained supply and increased demand, according to Edmonds. However, Russia’s invasion of Ukraine two weeks ago caused oil prices to surge higher, pushing prices at the pump to levels not seen in over a decade. Patrick De Haan, GasBuddy's head of petroleum analysis, tweeted that the drop in gas prices could fall under $4 in the coming weeks if oil remains in the double digits.
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