The U.S. gas prices are finally cooling off. After steady jumps in the past, which saw Americans paying more than $5 per gallon on average last week, the gasoline cost is now on a downward trajectory.
According to American Automobile Association (AAA), the gas prices have dipped below $5 again and are now at a national average of $4.94. According to experts, the trend could continue in the coming weeks and get the national average down by 10 to 20 cents around the Fourth of July weekend.
However, Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that this won’t be a sign of long-term relief. Instead, the gasoline prices could have an even bigger surge later in the summer.
“We still could see a super spike in gas prices later this summer, should a hurricane threaten Gulf Coast oil refineries or oil platforms,” said De Haan. “Motorists should know that while we may see small relief today, risks remain that prices could go up at a moment’s notice and set new records again.”
Drivers are currently paying the most for gas in California, where regular is $6.358 per gallon and diesel is $6.991 on average. The cheapest gas is in Georgia, where regular costs $4.439 per gallon and diesel is $5.526.