National Average Could Fall Below $3 a Gallon This Summer

(Undated) — Gas prices slipped lower for the second straight week. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, nearly every state saw average gas prices decline even as the nation celebrated July 4th with the lowest national average for Independence Day since 2020. He says that downward momentum may continue, as OPEC’s weekend decision to boost production by a “larger than expected” 548,000 barrels per day in August adds further pressure to oil prices, potentially accelerating supply builds. De Haan says if tensions in the Middle East remain contained and the Gulf is spared from major hurricanes, the odds are improving that the national average could dip below $3 per gallon later this summer. He says in the meantime, we could see the national average falling to its lowest summer level since the pandemic. The current national average is $3.13 a gallon, thirty-four cents lower than this time last year.