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Gas Prices Drop for 50 Straight Days

By:
Ruth Singleton
Published Date:
Aug 3, 2022

GettyImages-1331083223-gas-station-pump
The average price of gasoline has  been on a downward trajectory for 50 days in a row, CNN reported. The national average went down by three cents to $4.16 a gallon Wednesday, according to the AAA. The average price has dropped by 86 cents since hitting a record average high of $5.02 on June 14. In the past month alone, it has dropped by 65 cents. There are now 19 states where average gas prices are lower  than $4.  

According to CNN, there are several reasons behind the decline in gas prices, including recession fears that have driven down oil prices and the fact that some Americans cut back on driving when gas prices spiked above $5 a gallon. CNN interviewed Tom Kloza, global head of energy analysis at the Oil Price Information Service (OPIS), who said that a historic release of emergency oil by the Biden administration from the Strategic Petroleum Reserve also contributed to the falling prices, although he acknowledged that it's difficult to quantify how much that action drove down prices. 

Kloza also said that high prices in certain states, such as California, are keeping the average price per gallon higher than it otherwise would be. The median price, on the other hand, is $3.99, according to OPIS. Kloza predicted that prices would continue to go down, as did Andy Lipow, president of consulting firm Lipow Oil Associates, who told CNN that he expects the national average to drop to $4.10 a gallon in the next seven to 10 days and to $4 by Labor Day. 

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