(NEXSTAR) – After gas prices hit yearly highs earlier this month, motorists can finally see some relief in the pumps.
“If you don’t need gas, wait!,” Patrick De Haan, GasBuddy’s head of petroleum analysis, tweeted Friday, as oil prices continued their downward trend.
De Haan told Nexstar that the price of oil is already 10% lower than it was not long two weeks ago. He expects this trend to continue for at least a few weeks.
As of Friday afternoon, the average price of gas at the pump was $3.41, down only slightly from the year-to-date peak of $3.44 on Nov. 10. De Haan said he’s hopeful. that the price will not reach the high. again before the end of the year.
“We have likely seen the highest prices today,” he said.
One factor likely to affect pump prices could be an increase in COVID-19 cases in Europe leading to more lockdowns, De Haan said, noting that as large numbers of people stop working , the demand for fuel will decrease significantly.
He also pointed out that President Joe Biden’s continued negotiations on the opening of the Strategic Petroleum Reserve are likely to affect the oil market.
According to De Haan, there are too many factors to determine the exact cause for the decline; However, he said one thing for sure: “oil is clearly struggling.”
If current oil prices hold or continue to decline, De Haan said he expects the pump drop to pick up momentum in the next two to five days, with prices falling between 15 and 30 cents a gallon.
De Haan said he doesn’t expect Thanksgiving travel to have any impact on prices.
https://fox2now.com/news/national/gas-prices-could-soon-drop-gasbuddy-analyst-predicts/ GasBuddy analyst predicts gas prices may soon fall