Average price of gas holds steady at $2.94 per gallon

The average U.S. price of regular unleaded gasoline has held steady over the past two weeks at $2.94 per gallon. The cost is about 10 cents higher than the average two weeks ago, and the current price of regular unleaded is 93 cents higher than it was a year ago.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the price at the pump was likely to remain stable or drop as wholesale costs begin to decrease.

The highest average price in the nation right now is $3.99 a gallon in the San Francisco Bay Area. The lowest average is $2.50 in Baton Rouge, Louisiana.

The average price of diesel dropped a penny over the same period to $3.13.

Flat gas prices were due to a tightening in supply despite an increase in demand because of warmer weather and vaccinations that have put people back on the move especially around Easter, according to AAA.

Despite rampant blame being thrown at President Joe Biden and his cancellation of the Keystone XL pipeline, which hadn’t yet begun operation, neither has had anything to do with the recent spike in gas prices.

In general, a president has limited control over the weekly and monthly shifts in gasoline prices, according to Politifact. Gas prices depend mostly on global supply and demand, and the recent jump in prices had more to do with worldwide economic recovery from the coronavirus pandemic.

Gas prices rose about 35 cents a gallon on average since February and were predicted to reach $4 a gallon in some states by summertime, The New York Times reported in early March.

Information provided by The Associated Press was used to supplement this report.

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