Gas Prices Have Fallen For Now

(Undated) — Gas prices have fallen for the fourth straight week, but the streak may be in danger. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average gasoline prices declined in virtually every state over the last week as oil prices continued to fall, with crude approaching $90 per barrel and refiners ramping up output following seasonal maintenance. He says the combination of lower oil costs and improving refinery runs has kept downward pressure on pump prices, giving motorists a welcome reprieve. However, the future of prices “remains murky.” He says with the Strait of Hormuz remaining effectively closed, global oil supplies continue to tighten, and any further deterioration in the situation could send prices sharply higher. De Haan says for now, motorists may enjoy the savings at the pump, but the risk of a significant reversal has not gone away.