Average US gas price falls below $4 per gallon

The average national price of gasoline fell below $4 per gallon on Thursday for the first time since March, according to the American Automobile Association (AAA). 

The drop represents a dip of more than $1 since prices peaked in June at about $5.02.

Experts say they expect gasoline prices to continue to fall. 

Andrew Lipow, president of Lipow Oil Associates, told The Hill that he expects an additional decline of about 5 cents per gallon in the coming weeks, and further drop of about 15 cents per gallon after mid-September when refiners are able to sell lower-cost winter gasoline. 

Lipow noted that prices have been on the decline as the high prices caused people to drive less in the U.S. and around the world. 

“The consumer has changed their buying habits and reduced consumption of gasoline as they’ve combined local errands,” Lipow said, adding that they have also taken shorter driving trips for vacation. 

“Worldwide, the rising costs of energy have caused demand destruction that has pressured oil prices as well,” he said. “Especially in Southeast Asia and countries like Pakistan, Bangladesh or Sri Lanka where they simply don’t have the money to pay for higher energy [costs].”

Lipow also noted that markets have stabilized after Russia was able to find new buyers for its oil from countries like China, India and Turkey after facing embargos from many Western economies. 

“Now that some time has elapsed, you’re seeing increases in Russian production as they’ve found new customers,” he said. 

Another gas price tracker, GasBuddy, previously projected that gasoline prices had fallen below the $4 mark earlier this week. 

Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted in a video accompanying that Tuesday announcement that prices could fall between an additional 10 and 25 cents per gallon in the coming weeks.