These two things will bring about meaningfully cheaper gas

Man with truck by gas pump
Photo credit Getty Images
By , Audacy

The streak of daily new record high gas prices was broken this past week, but drivers should not expect any significant decreases for a while.

"I think that's just a temporary blip," AAA's Don Redman said of the price change. "I think all indicators is that the prices will continue to climb for the next month and into July."

Even with soaring prices, the summer travel season began as expected on Memorial Day weekend, and Redman said until demand cools in the late summer/early fall as it does nearly every year, gas prices will likely hover around these record levels.

"It probably won't get a big reprieve until we enter the fall," said Redman, "but maybe the sharp increases are over."

Only one other thing would get prices to fall in any significant manner, and Redman says most consumers probably don't want that either: a recession.

"If the economy starts to crater, you might then start seeing a retreat in prices," explained Redman. "The trade off for cheaper gas prices is a weaker economy."

According to AAA, as of today, June, 20, 2022, the average price of a gallon of gas in the U.S. was $4.981

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Featured Image Photo Credit: Getty Images