Venezuelan Crude Will Eventually Lower US Gas Prices: Chevron Exec

The current average price for gasoline in the US is $4. 17 per gallon, according to AAA’s April 28 data. That’s 15 cents higher than a week ago and $1. 02 more than the year-ago average, or a 32% increase.

President Trump recently said he expects higher gas prices to last until at least the November mid-term elections. Prices are based on the price of crude oil, which accounts for 40-70% of the cost at the pump. The Brent crude international price of oil is currently about $110 per barrel. It was $70.