The average price for a gallon of regular gasoline in the US fell for the first time in nine weeks on Saturday.
There is a happy face balloon near a price board at a gas station. The photo was taken byJustin Sullivan.
For the first time in a week, the average price of gas in the US was over $5 a gallon.
Over the past week, prices fell the most in Northeastern and Mid-Atlantic states, with New Jersey and Maryland leading the way.
The San Francisco Bay area and Chicago have the most expensive gas.
The average price of gas in San Francisco is now $6.58 a gallon, down from $6.64 on Monday, while the average price in the Chicago metropolitan area is around $5.87, down from a high of $5.92 last week.
Georgia has the lowest gas prices in the nation, on average $4.48 a gallon, which is a slight rise from last week, when it was $4.47 a gallon.
The Federal Reserve's decision this week to hike interest rates shook oil markets, with prices falling more than six percent on Friday alone. Interest rate hikes could cause the economy to go into a recession. The price of the U.S. benchmark West Texas Intermediate fell below $110 a barrel on Friday.
Some analysts think that the recent oil price decline is a sign of a broader sell-off, while others think that the surge in prices will continue. Patrick De Haan, GasBuddy's head of petroleum analysis, said on Friday that the national average could fall to $4.75-$5.25 per gallon in the next few weeks.
Here are the states where gas prices are the most expensive and cheapest.
Experts worry that the fight against inflation will cause a recession.
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