Gas prices fall for 50th consecutive day

August 4, 2022
Gas pump

This streak has more room to run.

Tom Kloza, global head of energy analysis at the Oil Price Information Service, talking about the decline in gas prices — which have fallen for 51 days in a row.

Why It Matters: The nationwide average for gas is $4.14/gallon, with 19 states averaging below $4/gallon. The steady decrease in prices is tied to slowed economic growth on a global scale (AKA less money being put into the economy) and people driving less.

  • Prices hit a record high of $5.02/gallon on June 14.
  • A recent AAA survey found that in the wake of higher prices, "Almost two-thirds of U.S. adults have changed their driving habits or lifestyle since March." The top changes are driving less, combining errands, and reducing dining or shopping out (for more about the survey, click here).
  • “If nothing goes wrong, we could see prices in October, November, December falling noticeably under $4 a gallon for the national average,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Gas Prices Have Fallen for 50 Straight Days, Approach $4 a Gallon (The Wall Street Journal)

Here's why gas prices are sinking (CNN Business)

by Jenna Lee,