Gas prices going down lately, could continue at least this week

Image by IADE-Michoko from Pixabay
Gas prices have been going down lately and that could continue for at least this week.
“While prices will be at their highest July 4th level ever, they’ll have fallen close to 20 cents since our peak in early June. Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and the risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
The last time the drop continued like this, Trilby Lundberg, publisher of the Lundberg Survey, said there was a big price increase.
“That was because oil prices bounced back up big time. I don’t think that will occur this time,” said Lundberg.
Lundberg says the average price for gas is almost $2 per gallon higher than a year ago.
“That means each 15-gallon fill of a vehicle means another $28.55 out of pocket,” said Lundberg.
GasBuddy says the statewide average is $5 per gallon. That is down 13 cents from where it was this time last week. Indiana’s gas tax is supposed to increase next month.
Triple-A predicts that 42 million Americans will be driving 50 miles or more to get to their July 4th destinations, despite the high cost of gasoline. In addition, there are expected to be continued cancellations of flights at airports due to staffing shortages with pilots, crews, and ground handlers.

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