Gasoline Prices Fall for 26th Straight Day

Gasoline Prices Fall for 26th Straight Day
A man pumps gas in Irvine, Calif., on April 1, 2022. (John Fredricks/The Epoch Times)
Naveen Athrappully

Gasoline prices continued their decline on Sunday, easing some of the burdens on American citizens who have been grappling with rising gas prices for the past several months.

“Average US #gasprices have now declined for the 26th straight day and are nearly 36c/gal lower than 26 days ago,” oil and refined products analyst Patrick De Haan said in a July 10 tweet. “National average $4.678/gal. Americans today will be spending >$135 million LESS on gasoline than they did on June 14. The most common prices: $4.39, $4.29, and $4.59.”
Tom Kloza, founder of Oil Price Information Service, expects to see the lowest price since May by Monday or Tuesday. In a July 7 tweet, he warned that “big bulk markets” are searching for the “2H22 launching pad” for gasoline, diesel, and crude oil, referring to the second half of 2022.

In a series of tweets on July 7, De Haan predicted gas prices at most stations to go down 1 to 2 cents every couple of days provided the oil prices do not reverse. He expects the trend to continue for “2-3 weeks or more.”

By this time, gas prices could possibly have dropped 35 to 60 cents per gallon, with the national average dropping to $4 to $4.25 per gallon by mid-August “if things do hold steady.” This is still nearly double the price of gas in February 2020, before the COVID-19 lockdowns, when prices averaged $2.442.

On July 11, a gallon of regular gas averaged $4.678 nationally, according to data from the American Automobile Association (AAA), lower than the $5.016 per gallon record high set on June 14. In 10 states, average gas prices exceeded $5 per gallon, with the highest price in California at $6.088 per gallon and the lowest in South Carolina at $4.181 per gallon.

Hurricanes Could Bring ‘Apocalyptic’ Prices

According to a recent Gallup survey published on June 28, 67 percent of respondents said that current gas prices were causing them hardship, up from 52 percent in April. Amid a gradual decline and projected decrease in the coming days, there are still factors that could reverse the trend.
“Major issues that could cause the decline [of gas prices] to end or reverse: sharp rise in oil if the market reverses given the large selloff, or a hurricane threatening the Gulf, or a major refinery issue,” De Haan said in a July 7 tweet.
Ed Hirs, an economist at the University of Houston, predicts gas prices to likely hit $6 per gallon by Labor Day. Natasha Kaneva, J.P. Morgan’s head of commodities research, foresees national average gas prices to rise to $6.20 per gallon by August according to Business Insider.
And in an interview with Fox Business last month, Kloza outlined a worst-case scenario, warning that gas prices could reach “apocalyptic” levels if a hurricane were to hit an oil refinery in the United States.
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
Related Topics