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Gas prices trend lower following petroleum reserve release

The price of a gallon of gasoline continues to move lower after hitting a high two weeks ago.

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The average price for a gallon in the US slipped on Sunday to $4.192, according to the latest numbers from AAA. The price on Saturday was $4.220.

That’s a decline of 14 cents since hitting a high of $4.33 on March 11.

Drivers were paying $2.87 a gallon on average a year ago at this time.

This past week, President Biden announced plans for the release of more oil reserves.

BIDEN ADMINISTRATION TO RELEASE 1M BARRELS OF OIL DAILY FROM US RESERVES

Biden announced a release of 1 million barrels per day of crude oil for six months. At 180 million barrels it is the largest release ever from the US Strategic Petroleum Reserve.

The price of crude oil dropped below $100 a barrel on Friday for the first time since Feb. 28 following the announcement.

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Both Brent and US crude benchmarks reported a losing week, settling down around 13% in their biggest weekly fall in two years.

The Associated Press contributed to this report.

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