The national average gas price is down 12 cents from its peak to $4.897 per gallon, according to AAA – and one expert says prices could fall even further ahead of the busy July Fourth weekend.
Despite the recent cooling in gas prices, it’s unlikely gas prices will fall as quickly as they surged. Gabe Ortega, PDI Software’s fuel pricing practice leader,
Newsweek, “It's hard to see the case for prices coming down in a meaningful way in July” with demand not dropping, an inability to increase refinery capacity and relatively high oil prices.at the federal or state levels. President Joe Biden called for a three-month suspension of the 18-cent federal gas tax last week, though Biden’s proposal has failed to rally much legislative support. Several states have paused their own gas taxes, which can cost consumers more than 50 cents per gallon.
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