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January 1, Summer Gas Price Surprise: Discover Why You Might Save Big
Americans may be in for a pleasant surprise this summer with gas prices predicted to drop 10% in the coming weeks. RSM chief economist Joe Brusuelas says this is due to easing domestic demand and supply conditions.
“Given a look at wholesale gasoline prices, there is room for domestic gasoline prices to decline another 10% from the current $3.44 per gallon,” he wrote. “This will surely bolster U.S. household balance sheets heading into the summer spending season.”
AAA reports the current average cost of a gallon of regular gas is $3.44, a 4% decrease from a month ago. Lackluster demand and burgeoning supply are expected to further impact gas prices.
“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said AAA spokesperson Andrew Gross. He questioned whether the typical robust summer driving season could be a thing of the past.
Falling gas prices will be a relief for Americans who have experienced constant price increases for over three years. Inflation, although decreasing from its peak of 9.1% in June 2022, remains above the Federal Reserve’s 2% goal.
Brusuelas believes dropping gas prices could lead to lower inflation readings, potentially supporting rate reductions later this year. “Falling gasoline prices damps topline inflation and that will support the case for rate cuts this fall,” he wrote.
The U.S. produces about 13.2 million barrels of oil per day, just below the record of 13.3 million in December 2023. Despite OPEC+ production cuts, non-OPEC producers like the U.S., Canada, Norway, and Brazil continue to bring new supply to the market.
“In our estimation, the risk is that there is more supply to market on the way, and that implies lower oil and gasoline prices heading into the end of the year,” Brusuelas said.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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Steve
June 24, 2024 at 7:15 pm
Nothing but lies your telling here
HARRY L FREED
June 24, 2024 at 7:29 pm
THEN THE RUMORED RELEASE OF SOME OF THE STRATEGIC OIL RESERVES BY JOE BIDEN JUST BEFORE THE 2024 ELECTION WILL SERVE TO LOWER GAS PRICES, LOWER THE INFLATION RATE AND BUY ELECTION VOTES ! WHAT A GREAT COUNTRY WE ALL LIVE IN – NO WONDER POLITICIANS DON’T CARE IF OUR CHILDREN CAN READ OR WRITE – IF THEY COULD READ AND WRITE THEY WOULDN’T BE CONSIDERED STUPID, UNEDUCATED LAMBS BEING LED AROUND BY BIASED ARTICLES LIKE THE ABOVE CORPORATION HAS WRITTEN.
Mark
June 24, 2024 at 7:30 pm
These guys are lying. More driving during the summer months means an increased demand. A decrease in gas prices is for political reasons because of the upcoming elections.
Bill c. creech
June 24, 2024 at 9:21 pm
agree!
Silver1
June 25, 2024 at 12:04 am
Exactly! I heard Biden is releasing another million barrels from the Strategic Oil Supply to help him in the election.
DORIS BROWN
June 24, 2024 at 7:30 pm
AN ELECTION YEAR — of course Biden and Democrats aren’t going to keep gas prices high. Why do you think they were paying student loans off, why do you think they finally made a visit to the border? Rest of the time they have spent all their time setting Trump up.
cb
June 24, 2024 at 7:56 pm
3.44 vs 2.00!
edward
June 24, 2024 at 9:03 pm
you are correct, the only gas prices that have dropped 2C are the ones on premium gas. regular gas is as high as ever. I can’t be fooled when I see the prices every day. I do catch a little bread I shop at Sam;’s club and the gas is a little less than most places
henry
June 24, 2024 at 9:06 pm
How many more gallons will Biden release from the Federal Reserve to lower the prices because he needs the votes? Any other reason is an outright LIE!
Chester Cosby
June 24, 2024 at 11:02 pm
Well something is wrong with this as gas prices in the Flint area went from $3.36 to $3.89 this morning so someone is full of s—.
Molly B
June 25, 2024 at 2:55 am
Joe Biden released a million gallons of gas from our Strategic Petroleum Reserve- again. Whoopedu! That always lowers the price temporarily. Elections coming – Biden/democrats will do anything to make people think inflation is coming down. LOL – it just means, should our military or first responders need fuel to protect our country, they will be short. NO matter – just so Biden looks good until November – and that’s all it is supposed to do. Biden gives us a few months of lower gas prices – President Trump made this country energy independent which means he (we) don’t have to beg for oil from countries that hate us and could cut us off at any time they feel like it. Oh yeah – who do you think is going to pay to replace those 1M gallons?
Diane Christensen
June 25, 2024 at 6:28 am
YES THEY ARE LYING TO GET VOTES, ALL SCUM!
captain blasto
June 25, 2024 at 11:18 am
Price down! Vote D. After election is awarded to the D’s the price goes to $10.00 a gallon and gasoline and diesel come under even restrictions. No one is allowed to buy more than X number of gallons, because it is causing climate stability. Once the Commie Dems nationalize the oil and gas and have it in their name, it will be the greatest thing for the environment ever. Just a matter of time. People are too stupid to stop them.
Michael Lowenstein
June 26, 2024 at 11:00 am
Why is that aq surprise. Just in time to boost biden before the election. This guy has got to go!