Falling gasoline prices are giving Americans a little break, but how far will they actually go?

Falling gasoline prices are giving Americans a little break, but how far will they actually go?

Gasoline prices fell for the 29th straight day on Thursday after hitting a record national average of $5.01 a gallon in mid-June.

The national average gasoline price fell to $4,605 ​​a gallon on Thursday, according to the American Automobile Association. But the relief at the pumps could be short-lived for U.S. drivers because there's no guarantee gas prices will continue to fall, experts say.

Patrick De Haan, head of oil analysis at GasBuddy, told the Miami Herald: "Is it going to stay? I think it's the best bet given the amount of market volatility. There are no guarantees ".

The volatility of the oil market is a cause for concern, even as the price of oil has fallen below $ 100 a barrel for the first time since April. On Thursday morning, crude oil was trading at $ 95 a barrel, OilPrice.com reported.

Citibank predicts that the price of oil could drop to $ 65 a barrel by the end of 2022 and drop to $ 45 a barrel by the end of 2023 in the event of a recession, Bloomberg reported.

"If oil falls below $ 100 and stays there, we could see gas prices getting closer and closer to $ 4 (a gallon)," AAA Northeast's Mark Schieldrop told the Boston Herald. Some Americans question the 'great resignation' in a changing economy.

Some analysts are confident gas prices could rise again, with JPMorgan saying "stratospheric" oil prices will hit $380 a barrel, Bloomberg said.

"The only underlying common denominator here is that volatility could lead us to dramatically different outcomes," De Haan told the Miami Herald.

Gas prices have fallen significantly in the states of Texas, Ohio, Illinois, California, Wisconsin, Indiana, Kentucky, Alabama, Virginia and Florida , while South Carolina, Georgia and Mississippi have the lowest gas prices in the nation, AAA said.

The price at the pump rose sharply in the first half of 2022 amid record inflation, the Russian-Ukrainian war and high demand during the peak summer travel season.

Related news
Google fires engineer who claimed its AI tech was sensitive
Google fires engineer who claimed its AI tech was sensitive
Google (GOOG) fired the engineer who claimed an unreleased AI system had become sentient, the company has confirmed, saying it violated employment and data security guidelines.
Market crash threatens pensions of millions of Americans
Market crash threatens pensions of millions of Americans
US public pension funds face serious challenges that threaten the pension plans of millions of state and local government employees in the United States.
Snap's report burns  $ 80 billion in market capitalization in the advertising industry
Snap's report burns $ 80 billion in market capitalization in the advertising industry
Facebook owner Meta Platforms, owner of Google Alphabet and other companies that sell online ads lost about $ 80 billion in combined market capitalization Thursday after Snap posted poor quarterly results and warned of uncertain prospects.
The United States warns that using nuclear weapons would have "consequential" consequences for Russia.
The United States warns that using nuclear weapons would have "consequential" consequences for Russia.
President Joe Biden has warned Russian President Vladimir Putin against using nuclear weapons in the war in Ukraine, adding that there would be a "consequential" response if Moscow considers a nuclear escalation
Twitter burned bankers see silver lining in Musk startups
Twitter burned bankers see silver lining in Musk startups
Twitter burned bankers see silver lining in Musk startupsJuly 14 (Reuters) - Major Wall Street investment banks that will lose lucrative fees from Elon Musk abandoning $ 44 billion acquisition of Twitter Inc hope startups backed by the richest person in the world can remedy the lost cause.