Gas prices could drop below $5 in the coming week, providing a slight reprieve to a nation that saw the average price per gallon soar over the all-time high mark earlier this month.
The drop could come within the next week, GasBuddy analyst Patrick De Haan tweeted Thursday.
“No one should be in a rush to fill their gas tank- prices in most areas of the US will be coming down in the days and weeks ahead (things could shift, so stay tuned),” the tweet read.
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“[But] we could drop back to a national average of $4.75-$4.85/gal by July 4 if nothing changes!”
The national average price shot up roughly 25 cents last week, according to a report.
Treasury Secretary Janet Yellen said last week there are few actions the public can do to protect this summer’s rising fuel costs.
“Given the global nature of these markets, it’s virtually impossible for us to insulate ourselves from shocks like the ones that are occurring in Russia that move global oil prices,” Yellen said.
“During the pandemic, I think that oil producers didn’t anticipate the strength of the recovery and the fact that oil prices would recover,” she added. “They certainly do have incentives now to increase oil production.”
One California gas station recently was caught charging residents almost $10 per gallon this week, the report noted.
The current average price for regular gas sits at an even $5, according to AAA.
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“44 of the nation’s 50 states are currently seeing lower #gasprices than yesterday. A welcome trend, but wishing it was a much longer trend,” De Haan tweeted late Thursday night.
