Will gas price continue to go lower? Many factors could stop the drop

Unfortunately, AAA says the average in New York is $4.37 and in Westchester it's $4.48.

News 12 Staff

Aug 12, 2022, 10:49 AM

Updated 711 days ago

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Gas prices are coming down across the country and in the Hudson Valley, but the big question is will it continue?
As of Thursday, gas prices dropped below $4 nationwide to an average of $3.97.
Unfortunately, AAA says the average in New York is $4.37 and in Westchester it's $4.48.
While the region is seeing a drop, don't get too excited just yet.
Energy experts are warning that prices are still too volatile, and there are several factors that will help determine what happens next.
Demand for oil is a big one. While gas prices have dropped, the prices of other things like food and electricity continue to surge, putting a strain on household budgets. So people are still being careful where they spend, including cutting back on driving when they can.
Supply is another part of the equation. The U.S. released a lot of oil from its emergency reserves and that only goes so far. Plus oil cartel OPEC has mostly refused President Joe Biden's requests to ramp up production.
But domestic oil producers have been capitalizing on higher oil prices by increasing production.
And there's weather to consider, as the country enters hurricane season. "If we were to get another Katrina or Rita type of hurricane to hit the Gulf Coast. The oil infrastructure-rich Gulf Coast, it could shut down refineries, exploration, pipelines and that could lead to prices that we have not seen before," says AAA's Robert Sinclair.


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