Average price of gasoline falls to $3.72 a gallon in DFW area

Energy expert discusses impact of war in Ukraine

U.S. oil producers are under pressure to increase oil and gas production to make up for the loss of Russia's supply. For some perspective, Good Day talked to Bob McNally, the founder and president of the industry consultant Rapidan.

DALLAS - The price of gas continues to fall slowly after a sudden price increase due to the war in Ukraine.

AAA reports regular unleaded is now selling for an average of $3.72 a gallon in the Dallas-Fort Worth area.

That’s down nine cents from one week ago and 35 cents lower than the record high set on March 10.

FILE - Gasoline fuel pumps.

The downward trend slowed recently.

Last week the Biden administration announced it would release one million barrels of oil a day from the strategic petroleum reserve for the next six months.

But some economists warn that could make matters worse in the long run.

"Demand for gasoline is exceeding supplies, so you’re artificially lowering the prices and you increase the demand even more," said Phil Flynn, a FOX Business contributor and price futures group analyst.

The price of oil fell slightly after the announcement last week.

It still remains relatively high around $100 a barrel.