A new analysis published this week shows that gas prices could fall as much as 10% by the Fourth of July, thanks to declining demand and burgeoning supply.
Gasoline prices tend to rise during the peak summer driving season, but Americans may be in luck this year. Thanks to easing domestic demand and supply conditions, gas prices likely peaked in mid-April at a high of $3.67 per gallon — and are expected to continue falling in coming weeks, according to a new analysis published by RSM chief economist Joe Brusuelas. "Given a look at wholesale gasoline prices, there is room for domestic gasoline prices to decline another 10% from the current $3.
Consumers are also grappling with high interest rates, after the Fed raised rates sharply in 2022 and 2023 to the highest level in two decades in a bid to slow the economy and cool inflation. Policymakers are now grappling with when they should take their foot off the brake. Brusuelas said that falling gas prices could lead to lower inflation readings, which in turn could support the argument for rate reductions later this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
10 cities with amazing Fourth of July fireworks shows you can visitSpend the day, weekend or week in one of these 10 cities with amazing Fourth of July celebrations.
Read more »
Gas prices to keep dropping as motorists plan Fourth of July road trips: AAAThe national average cost for a gallon of gas was $3.48, a significant eight-cent dip from the previous week.
Read more »
10 Lessons The MCU Needs To Learn From Fox’s 10 Top Rated X-Men ReleasesHugh Jackman&39;s Wolverine, Michael Fassbender&39;s Magneto, and Ryan Reynolds&39; Deadpool in Fox&39;s X-Men franchise
Read more »
Chicago Police: Venezuelan Immigrant Arrested 10 Times in 10 Months Now Lives in JailSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
We predicted a fabulous 10 out of 10 day in D.C. Then it hailed.Here’s why we missed the forecast Thursday.
Read more »
Closed Captioning ComplaintsHave an issue or concern about closed captioning on FOX 10 or FOX 10 Xtra programming?
Read more »