Prices at the gas pump have dropped five weeks in a row and that trend may continue, but for how long?
Barring any unexpected economic disruptions, Patrick De Haan, head of petroleum analysis for GasBuddy, said at least another two to three weeks.
De Haan said the decline is due to oil prices plummeting and concerns around a possible recession, which would slow down consumption.
“At the same time, gasoline supply has increased four out of the last five weeks,” said De Haan, adding that negative economic data would keep prices falling.
He said a strong economy could lead to a spike in prices.
In D.C., some gas stations have recently priced a gallon of gasoline close to $6. Now, prices could near $4 a gallon.
“That’s something that we could see in the weeks ahead if everything goes well,” added De Haan, who pointed out a possible 35-cent to 44-cent drop in the coming weeks.
Across the U.S., there are now at least 35 states where drivers can find gas for under $4 a gallon, according to GasBuddy’s fuel tracking app.
Factors that could tip the scale will depend on economic data and in some cases, weather forecasts.
“If we get better news than expected, we could see prices going up and keep in mind hurricane season is upon us. That could be bad news as well,” De Haan said.
