Gas prices have gone done every day for more than a month. Experts believe the national average is still on track to reach $3.99 by mid-August.
“I have no reason yet to expect the decline won’t reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan is also issuing a warning, though.
“However, should the tropics become more active, the decline could eventually reverse. In addition, this week we’ll see GDP data for the second quarter, and if it’s better than expected, we may see oil rally, slowing the descent. For now, nine states are seeing average prices under $4 per gallon, a number that will rise this week, with over 40,000 stations under that level, keeping $266 million per day in motorists’ wallets versus mid-June,” said DeHaan.
Even with the downward gas prices, oil and gas analyst Trilby Lundberg with the Lundberg Survey says consumers are still having to make some tough choices because of inflation.
“Price response on the part of demand is very powerful. It’s not only gasoline prices. It’s the price of everything. Consumers have to allocated what they spend on fuel,” said Lundberg.
Lundberg says prices have dropped 55 cents in the last six weeks nationally.
On Tuesday morning, GasBuddy said the statewide average is $4.34. The average in the South Bend area was $4.32.