Drivers might have had to a double take as they passed gas stations this weekend as, for the first time in a while, gas prices actually fell.
The 7.5-cents-per-gallon decrease might not seem like much, but Patrick De Haan, head of petroleum analysis of GasBuddy, says it could signal a change in the trend line.
“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” De Haan said in a WFMY report Monday.
GasBuddy is a tech company based in Boston. It operates apps and websites based on finding real-time fuel prices at more than 140,000 gas stations in the United States, Canada and Australia.
Greensboro’s gas price averaged $4.57 per gallon Monday.
“Finally, some relief even if it is small and even if prices are high, it’s better than prices continuing to go up,” De Haan said. “We’re moving in the right direction and the good news is I’m hopeful this week we will see more relief. We could actually see the average in Greensboro fall another, maybe 5-10 cents a gallon this week.”
With gas prices near record highs, some people already have changed travel plans, especially with the Fourth Of July holiday fast approaching.
“As we approach July 4, I’m guessing all of us are at least happy we are seeing prices fall and that could continue for a couple of weeks,” De Haan said, “We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”
