Gas Prices Fell $1.50 Since Record Last June, And Experts Say They Could Keep Falling

Gas Prices Fell $1.50 Since Record Last June, And Experts Say They Could Keep Falling

Share to Linkedin Gas prices in the U. S. have fallen nearly $1. 50 since hitting an all-time record last June, even as gas demand starts to crawl upwards heading into the summer, and experts believe prices at the pump won't go anywhere near last year's peak as oil prices continue to fall. The drop in gas prices coincides with a drop in oil prices: The international benchmark Brent Crude Oil has dropped 7. 27% on the year to $73. 30 per barrel, while the U. S. benchmark West Texas Intermediate dropped more than 10% over that time to $69. 23—a drop that AAA spokesperson Andrew Gross said "appears to mitigate any increases at the pump." Gas demand in the U. S., meanwhile, increased only narrowly to 9. 22 million gallons per day during the week ending June 3, according to Energy Information Administration data, a slight uptick from 9. 10 million gallons the week before, though it's down slightly from last month. GasBuddy petroleum analyst Patrick De Haan said he's "building confidence" the national average could dip below $3 per gallon this fall—De Haan said earlier this spring he believes there's an "extremely long shot" of gas prices hitting