The price of a barrel of oil remains well below the $100 mark, but gas prices are still more than $4 per gallon on average, according to AAA.
The price of oil per barrel was at $88.72 as of 5 a.m. MT/6 a.m. CT on Monday, April 20 after soaring to its recent peak of more than $111 per barrel back early April, according to CNBC. For weeks, the price of oil had hovered around $100 per barrel before ultimately dropping.
On April 17, oil prices experienced a major drop after the White House shared that the Strait of Hormuz was open, which transports about 20% of the world’s oil supply. On April 19, Trump shared on Truth Social that Iran had violated its ceasefire agreement by firing bullets into the strait.
“Iran recently announced that they were closing the Strait, which is strange, because our BLOCKADE has already closed it,” Trump wrote in the Truth Social post.
Here’s what to know about how oil prices are impacting what you pay at the pump.
Current crude oil prices
The price of oil per barrel was at $88.72 as of 5 a.m. MT/6 a.m. CT on Monday, April 20, according to CNBC.
How much are gas prices today?
The average cost of a regular gallon of gas is $4.042 as of Monday, April 20, which is a slight decline from a week ago, when the price for a gallon of fuel was $4.125, according to AAA.
A month ago the price for a gallon of gas was $3.912.
The cost of diesel gas is still above $5 a gallon on average.
How much is gas in California?
California is one of the states that pays the highest for fuel, with drivers paying a whopping $5.837 per gallon on average. By contrast, Texans are paying $3.656 per gallon on average, though several counties in West Texas, including Hudspeth, are over the $4 mark.
What are Sam’s Club gas prices? What about Costco?
You can find Sam’s Club gas prices by visiting the store locator website. Gas prices vary by state and by county.
Costco gas prices can be found through Gas Buddy, which tracks the cheapest gas stations near you. Costco has been recognized by GasBuddy as the cheapest fuel station nationwide for the 5th year in a row, according to the Gas Buddy website.
Cheapest gas near me
You can find the cheapest gas near you using the Gas Buddy website.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on x; natassia_paloma on Instagram, and Natassia Paloma Thompson on Facebook.
This article originally appeared on El Paso Times: Current crude oil prices remain down but gas prices still high
Reporting by Natassia Paloma, El Paso Times / El Paso Times
USA TODAY Network via Reuters Connect
