Gas Prices Could Drop Below $4 Says Gas Buddy Analyst
Written by
Vance Cariaga
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It might seem like forever ago that the average price of a gallon of gas in the United States was below $4 a gallon, but it’s only been a few months. Now one of the nation’s leading gas experts predicts that prices could once again dip below $4 a gallon — at least in some states.
Patrick De Haan, head of petroleum analysis at GasBuddy, said in a July 6 tweet that “in the days and weeks ahead we’re going to see hundreds, nay, thousands of stations falling back under $4 per gallon.”
An hour-and-a-half later he offered this clarification in another tweet: “To clarify and set expectations — most of the stations that could fall to $3.99 or less will be in states like SC, GA, MS, LA, AR, TX, AL, TN, NC…”
That would be welcome news not only to drivers in those states but also to those passing through. The current national average is $4.721 a gallon, according to AAA. That’s well down from $4.955 a month ago and nearly 30 cents cheaper than the all-time high of $5.016 set on June 14, 2022.
The national average first pushed above $4 a gallon in early March following Russia’s invasion of Ukraine, The New York Times reported.
As previously reported by GOBankingRates, gas prices have been falling for the last few weeks due to falling demand caused by fears of a global recession. Some states are already inching toward $4 a gallon, though they still have a ways to go. AAA reports that average prices in South Carolina, Georgia and Mississippi are hovering near $4.23 a gallon, making them the cheapest in the country.
Of course, in other states, it could be a long, long time before average gas prices dip below $4 a gallon. In California, for example, the average price is a whopping $6.145 a gallon. It’s the only state where the average exceeds $6, but several states have average prices above $5. These are mainly in the West: Alaska, Arizona, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. The only other state with an average price above $5 a gallon is Illinois.
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