Gas prices have fallen to $3.99 a gallon at about 88,000 stations across the US, with some expecting them to rise to 95,000 stations next week, according to one expert. 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 Friday he expected the national average to slip below $4 a gallon within days. And at a dozen stations, he said Saturday, prices were already less than $3.00 a gallon.
The average price nationwide Saturday morning was $4,060 a gallon, with drivers in California and Hawaii seeing the highest prices, according to data from GasBuddy. Prices to befrom an all-time high of $5.03 a gallon on June 16, although they are still more than 87 cents higher than last year’s average.
But that’s partly because Americans are driving less. Since March, when the national average for gas hit a monthly high of $4.33, AAA says drivers surveyed have cut back on how much they spend on the road. Nearly two-thirds of US adults have changed their driving habits since March, the organization showed in a survey released last month, with nearly a quarter making major changes, including driving less, making errors combine it with shopping or reducing food.
AAA asked drivers in March how prices would affect their driving, and at the time, nearly 60% said they would change their habits or lifestyle if gas rose to $4 a gallon and that three quarters would make changes – with 80% saying they would drive. less – if gas hits $5 a gallon.
Data from the US Energy Information Administration released this week shows a drop in demand on par with July 2020, amid the COVID restrictions, according to AAA.
Gas is one of the biggest drivers of inflation, which, the most recent month for which data is available. The gasoline index rose 11.2%, according to the Bureau of Labor Statistics.
The Biden administrationearlier this year.
“There is no one reason why oil prices go up or why oil goes down,” Amos Hochstein, the special presidential coordinator for international energy affairs, told Margaret Brennan on CBS News.last month. “As you know, when oil prices go up, they tend to say that there is only one reason, and that is the political leadership.”