Analysts said prices dropped dramatically in the past two weeks, in part because higher prices reduced demand during the second half of March.
President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden was to formally announce the release in remarks on his administration’s plans to combat rising gas prices.
The price at the pump was $1.32 above what it was one year ago, according to the Lundberg Survey taken Friday. According to the survey, the average price of diesel was $5.13 per gallon, down 10 cents over two weeks.Lundberg said prices dropped dramatically in the past two weeks, in part because higher prices reduced demand during the second half of March.