Petrol prices fall for the first time since early May

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According to AAA, Nevada residents and residents across the country have seen a slight drop in fuel costs since gasoline prices hit record highs last week.

Gas prices in Nevada fell one cent from last week; now the average price of a gallon of unleaded gasoline remains at $5.64. However, Nevada still has the second highest gas price in the nation, with California holding the dubious distinction of highest gas prices at $6.39 per gallon.

On June 11, people across the country watched the average US price for a gallon of gasoline hit $5. On Monday, prices fell 2 cents where they now sit at $4.98.

“It’s significant in that we haven’t really had a drop so far,” said AAA Nevada spokesman John Treanor. “Since early May, we have seen prices rise or remain stable.”

While the slight drop may give drivers across the country hope, it may not indicate a downward trend, Treanor said, noting the busy travel season ahead.

“We’re still seeing very robust travel forecasts for the summer,” he said. “Demand is therefore expected to remain high. Unless you can also increase the supply of oil, prices will remain high.

Nevadans have to pay more at the pump because of the state’s reliance on California for oil refining and transportation. In California, the price of petroleum refining is higher due to environmental regulations, which are unlikely to change, and this is reflected in pump prices received by Nevada residents.

The price of crude oil remains “volatile,” according to AAA, with the price per barrel at $115 keeping prices high. The main cause of the oil shortage is the Russian invasion of Ukraine, which led the United States to ban all imports of Russian oil.

Review-Journal Business Intern Emerson Drewes can be reached at [email protected] or via Twitter @Emerson Drewes.

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