Price of regular unleaded gasoline eases in Olympia market

After a steady upward march over the past few weeks, the average price of regular unleaded gasoline retreated in the Olympia market amid ongoing negotiations to end the conflict in the Middle East.

The average price of regular unleaded gas slipped to $5.430 per gallon on Friday, April 17, from $5.462 per gallon on Friday, April 10, according to data compiled by AAA.

The most recent reading was about 14 cents per gallon off the all-time high of $5.571, which was set on June 13, 2022.

Gas prices had been on a swift rise in the state of Washington and the nation since the United States and Israel launched coordinated military operations against Iran on Feb. 28.

Continued military operations and the response from Iran blocked the flow of oil in the region for weeks due to the country’s control of the Strait of Hormuz. 

The Strait of Hormuz, which is a key passageway for oil shipments, connects the Persian Gulf with Arabian Sea and is bordered by Iran to the north and Oman to the south.

But a recent ceasefire agreement eventually led to the waterway being reopened, although the U.S. has a blockade of Iranian ports in place while the two sides negotiate a peace deal, multiple media outlets have reported.

“After last week’s announcement of a two-week ceasefire between the U.S. and Iran, the price for a barrel of crude has continued to trade below $100,” said AAA in its weekly gas prices report. “However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue.”

The dip in the price at the pump should be a welcomed sign for motorists in the state of Washington, which maintained its grip on the third highest average in the country this week. The average price for regular unleaded gas in the Evergreen State was $5.386 per gallon on Friday, April 17, down from $5.401 one week earlier.

California continued to hold on to the top spot at $5.856 per gallon on Friday, April 17, down from $5.916 per gallon a week ago, followed by Hawaii at $5.659 per gallon, up from $5.634 per gallon one week earlier.

In the state of Washington, the highest average price for regular unleaded gas was posted in the Seattle-Bellevue-Everett market at $5.616 per gallon on Friday, April 17, down from $5.629 per gallon a week ago.

The lowest average price for regular unleaded gas was recorded in the Clarkson market at $4.549 per gallon on Friday, April 17, down from $4.616 per gallon one week earlier. AAA tracks gas prices in 14 markets across the state of Washington.