Gas Prices are Falling, Finally

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Gas prices peaked in June, forcing many drivers to cut back on their time on the road. This helped create a global drop off in oil demand, leading to an improvement in gas prices. Specifically, gas prices have declined for 50 days straight, lowering the national average price of regular unleaded to $4.16 per gallon (-17% from June’s peak average of $5.02).

Whether gas prices keep moving lower depends on several factors. One factor being potential hurricanes around the Gulf of Mexico, something that would force refineries offline. Another would be unanticipated disruptions from the continued Russia-Ukraine conflict. Both would drive gas prices up again.

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