After reaching peak prices earlier this year, gas prices have consistently been trending down over the last six weeks.
One of the main reasons why is dropping oil prices—which have really taken a tumble lately according to local financial advisor Howie Pentony.
“Oil has just gotten blitzed. It’s down to $91 per barrel. We were as high as $120 per barrel not that long ago,” Pentony said. “So, oil has been going down and that’s good for gasoline prices. And that’s why you’re seeing gas prices approaching $4 per gallon.”
That’s still higher than the price for a barrel of oil before the war in the Ukraine. In January this year, oil was averaging around $80 per barrel.
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