(Bloomberg) -- Americans are getting a tiny bit of relief at the pump. Gasoline prices, which skyrocketed after Russia's invasion of Ukraine, have cooled down as demand weakened.
Record fuel prices appear to have cut the appetite for driving for three weeks in March, when warmer weather typically brings more drivers out onto the roads.
Average pump price fell to $4.215 a gallon on March 31, the lowest level since hitting a record on March 7, according to data from the auto club AAA. Gasoline costs have come off following the declines in crude prices. Still, they remain within 3% of the peak level and nearly 50% higher than the same time last year.
The surge in gasoline prices is a key challenge for U.S. President Joe Biden, who has struggled to curb fuel costs and broader inflation ahead of November elections. This week, Biden ordered the largest release ever from the nation's strategic petroleum reserves to help control oil prices. Those prices surged to triple digits since Russia invaded Ukraine and roiled global energy markets.
High pump prices deterred some drivers already. U.S. gasoline demand fell for three straight weeks in March to 8.76 million barrels a day last week, down by more than 4% from the same time in 2019, government data show.
Gasoline stockpiles have risen above prior-year levels as demand faded. In contrast, diesel and jet fuel are in shorter supply and the prices for those fuels continue to go up.
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