Home Economy 4 factors that could determine if gas prices will keep falling

4 factors that could determine if gas prices will keep falling

by kimadmin
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Gas prices are now averaging $4.41 a gallon across the country, down from last month’s peak of more than $5 a gallon.

Drivers have seen it at the pump, and Biden administration officials have repeatedly touted it in recent days: Gas prices are dropping, and they have been for weeks.

Although the decline in prices is a welcome reprieve for Americans whose budgets have been strained by higher costs for nearly everything, it’s reasonable to ask: Will this last?

Gas prices are averaging $4.41 a gallon across the country as of July 22, according to the American Automobile Association, down from last month’s peak of more than $5 a gallon. Although gas prices have been falling for more than 30 days straight, the national average is still substantially higher than a year ago, when prices averaged $3.16 a gallon, according to AAA data. Diesel prices are also averaging $5.46 a gallon as of July 22, down from $5.81 a month ago.

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