Gas prices are finally dropping back to Earth.
The price of a gallon of regular gas averaged an all-time high of $4.33 in the U.S. Prices had risen a staggering 22% between February 21 and March 14. This is the largest jump ever recorded in a three-week span.
Now, the market is swinging the other way. On Monday a gallon of gas cost $4.11 on average across the entire country. Experts expect prices to keep on dropping in the days ahead.
“Gas prices have continued to move in the right direction — down — saving Americans approximately $100 million every day compared to when prices peaked about a month ago,” Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan added that “more good news is on the horizon: The national average this week will likely fall back under the critical $4 per gallon mark.”
Prices have already fallen below that threshold in 28 states. The lowest prices in the country can be found in Missouri and Oklahoma, where one gallon of regular gas costs an average of $3.67.
To help lower prices for consumers, a handful of states including Maryland and Georgia have paused their gas taxes. Some lawmakers have floated sending cash to Americans to offset high prices — like stimulus checks for gas. Last week, the Biden Administration announced that it would release up to 180 million barrels of oil from the United States’ strategic reserve in order to bring down prices.
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Source: Money.com
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