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.