Motorists are feeling less pain at the pump amid a slide in gas prices from their record highs in March.
With the U.S. and other nations unleashing more oil from emergency supplies, it’s possible that the per-gallon price could continue its decline, experts say.
After hitting a record $4.33 on March 11, the national average for a gallon of gasoline has been on a steady slide, falling to $4.14 as of Friday, the lowest in more than a month, according to AAA.
Gas prices could be heading to below $4 a gallon nationally, possibly in the next week or two, tweeted Patrick De Haan, oil and gas analyst at GasBuddy.
Prices at the gas pump swiftly rose after Russia’s invasion of Ukraine, pushing the average cost for a gallon of regular gasoline to above $4 for the first time since 2008. That jump came at the same time consumers are grappling with the highest inflation in four decades, impacting everything from groceries to housing costs.
Higher gas prices have only added to already elevated inflation, leaving a picture that’s “more bleak for the lower income” consumer, noted analysts at Bank of America Securities in a Friday note to clients.
The recent decline in gas costs is likely to continue if oil prices remain below $100 a barrel, according to AAA.
“The fluctuating price of oil continues to be the main factor influencing pump prices,” the motorist organization stated Thursday in a news release.
Click here to see the full report from Kate Gibson at CBS News.
