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Crude Cools Slightly, Gas Prices Soar

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Despite the ongoing crisis in Ukraine, benchmark Brent crude oil prices dropped nearly 5 percent in the last week, according to The Wall Street Journal. The cooling of petroleum prices had little effect on U.S. gas prices, however.

The average price for a gallon of regular gasoline today is $4.32, according to AAA, leaving federal legislators discussing temporarily suspending the 18.4 cent per gallon gas tax, according to The Washington Post. In Maryland, The Post reported, Gov. Larry Hogan is calling for a 30-day suspension of the state’s 37 cent per gallon tax on gasoline.

High fuel prices have historically had a multipronged effect on the marine industry. As the base component for resins and plastics, hikes in crude oil prices directly affect resin pricing and the boatbuilders and components manufacturers that use it.

It is unclear if fuel prices are keeping boaters away from the gas dock, though the boating season has yet to ramp up in much of the country.

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