Drivers could soon see average gas prices hit $3.99 per gallon

Gas prices have dropped to $3.99 a gallon at about 88,000 stations across the US, according to one expert, which is expected to rise to 95,000 stations next week. And drivers at 12 stations in four states are already paying a dollar less than that.

Patrick De Haan, Head of Petroleum Analysis at GasBuddy said on friday He expected the national average to drop below $4 a gallon in a few days. And at a dozen stations, he said Saturday, prices were already below $3.00 a gallon.

The average price nationwide on Saturday morning was $4.060 per gallon, with drivers in California and Hawaii seeing the highest prices. data from gasbuddy, prices have been constantly falling From a record high of $5.03 a gallon on June 16, though they’re still 87 cents above last year’s average.

But that’s partly because Americans are driving less. Since March, when the national average for gas $4.33 . hit monthly highs of, AAA says the surveyed drivers cut how much on the road. Nearly two-thirds of American adults have changed their driving habits since March, the organization revealed in a survey released last month, with nearly a quarter making major changes, including driving less, adding errands and Including minimizing shopping or eating out.

AAA asked drivers in March how prices would affect their driving, and at the time, about 60% said they would change their habits or lifestyle if gas increased to $4 a gallon and three-quarters the change. Will do — 80% saying they’ll drive less — if gas hits $5 a gallon.

Data from the US Energy Information Administration, released this week, shows a decline in demand as of July 2020 amid COVID restrictions. according to AAA,

Gas has been one of the biggest drivers of inflation. hit 9.1% in June, the latest month for which data is available. Petrol index rose 11.2%, as per Bureau of Labor Statistics,

Biden Administration Ordered to release petroleum from strategic reserves earlier this year.

“There is no single reason for oil prices to go up or oil to go down,” Amos Hochstein, special presidential coordinator for international energy affairs, told CBS News’ Margaret Brennan. “Face the Nation” last month. “As you know, when oil prices go up, they say there’s only one reason for this, and that’s the political leadership.”

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