Utah – While gas prices drop slightly across the country this week, Utah’s oil prices have taken the opposite turn, seeing a marked increase over the past week.
Gas prices have dropped around eight cents across the country, hitting around $4.11 per gallon as of Monday, according to AAA.
The average price of gas in Utah currently sitting at $4.50 per gallon, marking an increase of around eight cents from last week’s average of $4.422, according to AAA.
On Monday, crude oil prices dropped recently, with a barrel of oil going for around $94. The prices were reaching record levels earlier in March, at one point, reaching over $115 per barrel on March 23.
The International Energy Agency announced the release of 60 million barrels of oil last week from their emergency reserves to combat soaring gas prices since the Russian invasion of Ukraine.
Citizens across the globe have seen record-high prices at the pump as demand outweighs supply, since the White House’s ban on Russian oil imports in early March.
According to officials, Russia is the world’s third-largest oil producer, with about 60% of exports going to Europe and 20% going to China.
“As Energy markets have been squeezed by surging demand as the global economy rebounded from the COVID-19 pandemic, outpacing supply and driving up prices”. “High energy prices have fueled inflation worldwide, and the war in Ukraine exacerbated the problem amid uncertainties about oil and natural gas supplies from Russia and Western sanctions on Moscow.”