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Tipsheet

Industry Analysts Say Pain at the Pump Might Finally Be Easing Up

Mike Stewart/AP Photo

Americans are finally starting to see some relief at the pump as gas prices fell for the third consecutive week from all-time highs reached earlier this summer. 

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According to AAA, the national average for fuel prices was down to $4.779, a 10 percent drop compared to the average being over $5 just a few weeks ago. 

Patrick De Haan, head of petroleum analysis at gas price tracking site GasBuddy said that the U.S. may be heading in a positive direction regarding gas prices for the first time in a while. 

“We’re on the cusp of seeing more savings… I’m trying to be a little bit optimistic here that this relief could make its entire way to the pump in the weeks ahead,”Haan said, adding “the average price per gallon could fall 40 to 65 cents over the coming weeks.”

Wednesday’s gas prices marked the longest consecutive streak of falling prices since April of 2020 when Biden’s failing economic policies started to eat into Americans’ paychecks. 

“For the time being, Americans are spending nearly $100 million per day less on gasoline than when prices peaked a few weeks ago, and that’s well-needed relief at a time when gas prices remain near records,” Haan said. 

Meanwhile, the price of crude oil fell about eight percent, offering some hope that the worst of President Joe Biden’s inflation woes may be behind the country — but previous claims that inflation had hit its peak were disproven by inflation reports in recent months that showed price increases continuing to surge and outpace wage growth. 

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Prices for crude sat at around $98 a barrel, down from $108 last week, while Brent crude oil is at $101, down from $111 last week. 

Marianne Kah, an adjunct senior research scholar at Columbia University’s Center on Global Energy Policy, speculates this may mean prices at the pump will fall as well. 

“We’re talking about 60 cents a gallon…now, of course it takes time to have the crude price flow through to the gasoline price,” Kah said. 

Biden has faced immense pressure form both parties to take action in combatting the high gas prices, and criticism for blaming everyone and everything but himself for Americans’ struggling to afford to fill up their tanks.

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