As gas continues to sit at the highest it ever has, some experts believe that the price of crude oil is going to tank within the coming weeks, lowering the cost for Americans at the pump.
Crude oil currently sits almost a dollar within what it was before Russia began its invasion of Ukraine. The average cost per gallon of gas is sitting at $4.31, according to AAA.
However, economist Ian Shepherdson shared on Twitter Tuesday that he thinks retail gas prices will once again fall below $4 within a month.
“Retail gas prices will tank over the next couple weeks, back to about $3.50 national average from $4.33 yesterday,” Shepherdson tweeted.
While the cost of oil will fall a bit faster than the retail cost of gas, some have shared that the federal government and states could help ease the pain.
In order to help with the inflation at the pump, the Biden administration released tens of millions of barrels of oil from the Strategic Petroleum Reserve and asked OPEC to pump more oil, Fox News reported.
Nick Loris, the vice president of public policy at the Conservative Coalition for Climate Solutions, shared with Fox that pumping more oil to meet demand is critical in easing prices, but it won’t be a quick fix.
A report from CNN found two factors that could possibly result in oil and gasoline prices falling. The first would be peace in Ukraine that could result in sanctions being drawn back.
Another would be a new surge in COVID-19 cases, possibly driving down prices due to countries reimposing restrictions and limiting travel, thus lowering demand.
The conflict in Ukraine and the rapid rise in inflation comes when COVID-19 restrictions nationwide have eased, and Americans have been urged to return to the workplace after almost two years at home.
But with gas prices hitting all-time highs, a home office sounds like the best place to travel to right now.
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