Gas prices down slightly, analysts say don’t expect them to stay there long

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Gas prices are displayed on signs and are on the decline in the Richmond area Thursday July 7, 2022, in Sandston, Va. (AP Photo/Steve Helber)
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Have you noticed that gas prices have begun to fall? Now they’re still way too high and there’s no immediate end in sight to inflation, but the decrease in the price of gas is worth noting. According to the American Automobile Association, about 80% of stations are now selling regular gas for under $5 per gallon.

But July is the biggest road travel month of the year and more people on the roads could send prices back up.

Over the past week, the national average for gasoline fell to $4.80 per gallon, four cents less than a month ago. In June, gas prices peaked at a record $5 per gallon. Prices have now fallen for 21 days in a row. But some areas in California are still paying well above $6.40 cents per gallon.

According to U.S. Energy Information Administration data, fuel consumption hit its lowest point for this time of the year since 2014 (excluding 2020). J.P. Morgan analysts have predicted that gas could surge above $6 a gallon for the national average.

Click ▶️ to listen to Jamie Jackson’s report:

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