Gas Prices Fall as Oil Prices Plummet

(Undated) — Gas prices are expected to fall as oil prices “plummet amid growing economic concerns.” According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, while the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated. De Haan says that in addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased, raising the likelihood of reduced global energy and oil demand, which is sending prices lower. As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. De Haan says if tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists. The current national average is $3.24 a gallon.