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Gas price drop hits 30 straight days as oil prices continue collapse

·Reporter
·2 min read

Record-high gas prices might be in the rearview mirror for drivers, as prices at the pump have now fallen 30 days in a row amid a drop in crude oil (CL=F).

International oil prices dipped below $100 on Thursday to levels last seen before Russia invaded Ukraine, with Brent crude (BZ=F) — the international benchmark — down about 5% trading under $100 a barrel, the lowest level since February. West Texas Intermediate (WTI) also dipped Thursday to above $93 after trading above $95 Wednesday.

Recession concerns and a boost in the strength of the U.S. dollar have weighed on oil prices as both benchmarks have turned lower.

The average price for a gallon of regular-grade fuel slid to $4.65 in the week that ended Monday, according to the U.S. Energy Information Administration. That reading marks the fourth straight weekly decline below the mid-June peak of $5.01 a gallon.

Daily price data has been more encouraging. The nationwide average dipped to $4.61 on Thursday, according to AAA, down from the record high of $5.02 recorded on June 14. Separately, the fuel-price tracker GasBuddy recorded a nearly $0.45 decline in the average price per gallon on Thursday, estimating that American drivers will spend "$165 million less today" than a month ago.

California drivers, who face the highest gas prices in the nation, are seeing relief at the pump as the average price for a gallon of gas in the state Thursday is $5.99, according to AAA.

A man pumps gasoline into his car at a gas station in Millbrae, California, May 16, 2022. (Photo by Li Jianguo/Xinhua via Getty Images)
A man pumps gasoline into his car at a gas station in Millbrae, California, May 16, 2022. (Photo by Li Jianguo/Xinhua via Getty Images)

Should crude oil prices continue to tumble, stations across the country will lower prices by $0.01 or $0.02 every couple of days, Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted last week.

With the multi-week decline in gas prices, De Haan believes the national average price for regular gas could drop to $3.99 by August 14. More than 26 states are already selling gas for $3.99 or less, and that number could climb, he added.

For Americans taking summer vacations, however, falling gas prices have yet to sink in. The demand for gasoline dropped last week to 8.06 million barrels a day, below the same week in 2021, according to EIA.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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