Gas Prices May Fall Below $4/Gallon by Labor Day, But Still Be Record-High

Gas prices in the US may see a slight decrease by Labor Day, according to GasBuddy analyst Patrick De Haan. He believes that the national average price of gas will likely fall below $4/gallon due to the ongoing war in Iran and the Russia-Ukraine conflict, which have created uncertainty in global oil supply.

The West Texas Intermediate (WTI) crude has fallen below $80/bbl, while some states are changing back to winter gasoline a couple of weeks early. De Haan warned that even if gas prices fall below $4/gallon, they may still be the most expensive ever during this time of year.

The current national average price for a gallon of gas is $4.1014, while diesel prices are at $5.6230/gallon, according to data collected by the American Automobile Association (AAA). The US Oil Fund (USO) slipped 0.09% to $127.23 during overnight trading on Wednesday.

Sen. Elizabeth Warren criticized President Donald Trump's handling of the war in Iran, accusing him of profiting from it through his multi-million dollar holdings in oil companies like ExxonMobil Holdings Corp and Chevron Corp.