Drivers are seeing modest relief at the pump this week, though prices remain elevated compared to recent years and could shift quickly.
The national average for a gallon of gas dropped six cents over the past week to $4.03, according to AAA, as crude oil prices fell below $100 per barrel.
Despite the decline, current prices are still higher than this time last year, when the national average was $3.17, and remain among the highest for late April since 2022.
Energy analysts say the recent dip is tied in part to easing oil costs, but warn that ongoing instability in key global shipping routes — particularly the Strait of Hormuz — could quickly reverse the trend.
Federal data shows gasoline demand ticked down slightly last week, while overall supply also declined. At the same time, domestic production increased, helping to stabilize prices in the short term.
Oil markets showed mixed signals, with West Texas Intermediate crude rising to nearly $93 per barrel in the latest trading session, while U.S. inventories climbed slightly and remain above the five-year average.
AAA also reported a small drop in electric vehicle charging costs, with the national average falling to 40 cents per kilowatt hour at public stations.
Officials say while the recent price drop offers some relief, volatility in global energy markets means drivers should be prepared for continued fluctuations heading into the summer travel season.
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