Gas Price Falls for 7th Straight Week but Experts Warn It May Exceed $5 Again Soon

The price of gasoline fell for a seventh consecutive week, providing Americans with some relief at the pump, but experts have warned that prices could rise above $5 again this summer amid fears of a recession.

According to the American Automobile Association (AAA), the national average for a gallon of gas fell on Aug. 1 to $4.21, down 14 cents since the week before.

However, Californians are still paying the highest average price of $5.60 a gallon, while the average cost in the Los Angeles area is $5.70, although that is still 17 cents cheaper than the previous week, AAA reported.

Elsewhere, GasBuddy reported that the national average is even lower, at $4.17, having fallen 15.9 cents from a week ago.

“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below,” said Patrick De Haan, head of petroleum analysis at GasBuddy.