A dip in gas prices

June 21, 2022
Person pumping gas for their car

The national average is down nearly 5c/gal from a week ago …

Patrick De Haan, head of petroleum analysis at GasBuddy, a resource site that tracks current fuel prices for several countries. It is the first time the weekly price per gallon average has decreased in the U.S. in over two months.
  • Why It Matters: The national average price for gas is $4.98, making it the first (though small) dip in nine weeks after the price crossed a record average high of $5/gallon.
  • "A drop in the price of crude oil, coupled with the first weekly dip in demand after three weekly increases, should offer at least a short-term respite from record-high gas prices," according to CBS News in an interview with Andrew Gross. Gross is a spokesperson for auto club AAA, which also tracks fuel costs.
  • With increased fuel demand during summer travel, prices will continue to fluctuate (ex: even weekend travel for upcoming July 4th celebrations). "Anything goes from June 20 to Labor Day. Come hell or high gas prices, people are going to take vacations," said Tom Kloza, global head of energy analysis for the Oil Price Information Service (OPIS), which tracks the global energy supply chain and keeps AAA up-to-date on gas prices.
  • Other fuel-related news to note: The Biden administration is considering a federal gas tax holiday. Details are still evolving, though President Biden said, “Yes, I’m considering it. I hope to have a decision based on the data — I’m looking for by the end of the week.” Patrick De Haan tracked what this might mean for you: Check it out here.

Quote: Patrick De Haan's tweet

Gas prices dip below $5 a gallon in first weekly decline since April (CBS News)

Average US gas price dips below $5 a gallon (CNN)

Biden says decision on gas tax holiday may come this week (Associated Press)

by Jenna Lee,