Even though gasoline prices have slid below $4.50 per gallon on average nationwide in what’s been a multi-week downward trend, an industry expert warns that the reprieve is likely temporary and drivers should brace for pump pain as oil readies to rally in a “second act.”
The national average gasoline price on July 20 fell to $4.47 per gallon, according to the AAA, as lower global oil prices combined with a drop in U.S. domestic gasoline demand.
“Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices,” Andrew Gross, AAA spokesperson, said in a statement. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”…