Are American consumer and President Biden catching a break?
(GasBuddy) For the second straight week, the nation’s average gas price has declined, falling 8.8 cents from a week ago to $4.88 per gallon Monday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The national average is up 28.3 cents from a month ago and $1.79 per gallon higher than a year ago. The national average price of diesel has fallen 2.7 cents in the last week and stands at $5.79 per gallon.
“With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we’re seeing. The good news is we could also see a third straight week of decline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While prices will be at their highest July 4th level ever, they’ll have fallen close to 20 cents since our peak in early June. Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump.”