We’ve been experiencing some significant pain over the past few months as gas prices have been painfully high. Still, it looks like prices are starting to fall below $4 a gallon at thousands of gas stations, according to an analyst, but it’s unclear how long this brief amount of relief is going to last.
Gas Prices Dropping: Below $4 In Some Areas
According to The Drive, Patrick De Haan of GasBuddy made a prediction two weeks ago on Twitter that the United States would see thousands of gas prices falling back below $4 per gallon within days. By Friday morning that week, the prediction was proven true as nearly 6,000 individual reports stated that prices were below $4 a gallon. It’s unclear if any entire states are back below that mark, but De Haan has suggested that the first beneficiaries will likely be in the southeast.
It’s happening! GasBuddy counts 2,535 stations at $3.99/gal or less today, that number could double or triple in the next week or two.
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) July 7, 2022
Gas prices have apparently fallen for a third straight week after momentarily eclipsing $5 per gallon in early June. a GasBuddy report showed that there had been a week-over-week price drop of over $0.10, bringing the national average to $4.78 a gallon. That’s down $0.07 from June 8 of last month. Interestingly, this occurred despite a 2.1-percent increase in demand because of the holidays last week.
We may see yet another week of decline this week, as AAA has stated that gas prices stand at $4.68 today. However, prices remain up $1.66 according to their year-over-year report. In the long-term, prices could be in for further instability, as US gas inventories remain seven percent below where they were this time last year and eight percent below the five year average. And if demand continues as-is, this price drop could be short lived.