: Believe it or not, gas prices have been edging down this Fourth of July — here’s why

by | Jul 3, 2022 | Stock Market

It’s a cool breeze during a hot moment, but it’s not the summer weather. As record-breaking numbers of Americans pack their cars and travel to Fourth of July barbecues that will cost them more than last year, they’ll fill up at gas stations where they are likely to be paying just a little less at the pump.

Believe it or not, national gas price averages recently have been declining. Slightly. On Sunday, the average edged down again to $4.81, down from the record high of $5.01 set in mid-June, AAA said. A gallon still costs over 20 cents more than it did a month ago and $1.74 more than a year ago. Drivers have been through two straight weeks of declining average prices and the downward trend is poised to continue a third week, according to Patrick De Haan, head of petroleum analysis at GasBuddy. Gas prices notched a record-high $5.03 on June 16 and the average price is down to $4.84, according to the gas price aggregator. The price-easing trend “doesn’t look like it’s going to be brief,” De Haan said. The welcome trend could possibly continue for a fourth and fifth week too, he said. From that point on, he said, it’s too far out to venture a guess on what the future holds. There are various factors that could push the price right back up, like a hurricane toppling supply chains, De Haan has noted. Make no mistake, gas prices are still exceptionally high and could even get to $6 per gallon as of late summer, according to some forecasts. Millions of drivers are paying prices far beyond the …

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