Gas Prices Continue to Fall, But Experts Doubt Trend Will Continue
After the summer months saw a large spike in gas prices, the national average cost per gallon is now below where it was at this point last year, according to AAA.
Why?: A report from AAA stated that “increasing supply and lower gasoline demand is pushing pump prices lower. As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease through next week.” MarketWatch credited the price decline to a lower demand for car fuel in the winter months and falling crude-oil prices. An opinion piece in the Washington Post (Lean Left Bias) warned that rapidly falling prices could be a harbinger of an upcoming recession, writing that “part of the reason oil prices have been sliding lately is that markets are again worried about diminishing demand.”
Will It Last?: An article in CNN Business warned the decline may not last, citing the rise in energy company stock prices as proof of the price decrease being a temporary anomaly. The article also cited the recently imposed price cap on Russian oil and the ongoing OPEC+ production cuts to determine that global supply will remain tight, keeping prices elevated.
How The Media is Covering It: The decline is not being covered as extensively as the previous rise. Fox News (Right Bias), which had a live map on its website home page tracking national gas prices in the lead up to the midterms, has no mention of the decline on the front page as of Friday evening.
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