There is finally some good news for drivers in the United States. According to several experts surveyed by Yahoo Finance, gasoline prices across the nation should dip under $4 per gallon by October.
GasBuddy’s head of petroleum analysis Patrick De Haan believes the trend of price drops should continue in many parts of the U.S. in the future.
“We’re seeing big declines across many areas of the country, and that should continue,” De Haan said.
Andy Lipow, the founder of consulting firm Lipow Oil Associates, thinks there are too many unknowns to make any guarantees at the moment but sees reasons for optimism.
“That is a long time from now, and in between we have a Hurricane season and we have yet to see the impact of the European Union phased in ban of Russian oil purchases. But there is some reason for optimism,” Lipow explained.
A recent wave of high prices has dragged down gasoline consumption across the nation in recent weeks. The data shared by Energy Information Administration show a five percent year-on-year decline in gas demand. If the trend continues, there is no reason for prices not to continue downward trajectory.
Gas prices have surged past $5 in June, but things have been going for the better since early July. At the moment, a gallon is priced at $4.382 on average.