Here is how much lower gas prices could go when oil prices skyrocket | Lotal Ghana

 Here is how much lower gas prices could go when oil prices skyrocket

Here is how much lower gas prices could go when oil prices skyrocket

According to AAA data, the price of gas dropped two cents on Wednesday to $4.779 per gallon, down 24 cents from its highest-ever recorded level of $5.016 last month. Prices are expected to keep dropping, but perhaps not quickly enough for President Joe Biden, who has criticized gas stations for maintaining high prices as the crisis continues to hurt his popularity.

 

After oil prices plummeted by around 8% on Tuesday as a result of rising recession fears, benchmark West Texas Intermediate crude traded below $100 per barrel for the first time since early May. Fuel prices are likely to gradually decrease.

 

The cost of gasoline for Americans is highly correlated with the price of crude oil.

 

GasBuddy's head of analysis, Patrick De Haan, stated on Tuesday that if oil prices continue to fall, he anticipates a "possible reduction of 40-65 cents per gallon in the weeks ahead."

Source: Forbes