{"id":37632,"date":"2022-03-18T11:13:50","date_gmt":"2022-03-18T11:13:50","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=37632"},"modified":"2022-05-19T20:16:26","modified_gmt":"2022-05-19T20:16:26","slug":"when-will-gas-prices-go-down","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/","title":{"rendered":"When Will Gas Prices Go Down?\u00a0"},"content":{"rendered":"<p style=\"text-align: center;\"><em>Since the Russian attack of Ukraine began on February 24, gas prices have risen to their highest level in more than a decade. It sends global markets into a tailspin because Russia is one of its largest oil producers. The average price of regular gas touched $4.33 per gallon on Monday, and the prices continue to be historically high. <\/em><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Before last week, the highest gasoline price was $4.11 per gallon, set in 2008. Obviously, surging prices have a substantial impact on household budgets. It is fair to expect a typical family\u2019s budget to rise by $2,000 due to the higher prices. The average gas prices have recently dropped from $4.33 per gallon to $4.289!<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">But, the minor dip in prices will help us? Why are gas prices surging? When will gas prices go down noticeably? Here\u2019s more info on the soaring gas prices!\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-37635\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/03\/Record-gas-prices-in-USA-1024x1024.jpeg\" alt=\"when will gas prices go down\" width=\"640\" height=\"640\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/#Why_are_gas_prices_so_high\" >Why are gas prices so high?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/#When_will_gas_prices_go_down\" >When will gas prices go down?\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/#What_are_the_average_gas_prices_by_year\" >What are the average gas prices by year?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/#When_will_gas_prices_go_down_Some_quick_info\" >When will gas prices go down: Some quick info\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_are_gas_prices_so_high\"><\/span><span data-contrast=\"none\">Why are gas prices so high?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"none\">According to industry experts, there are chances that the national average price for a gallon of gas will likely drop in the coming weeks. However, some states like California will still suffer from high gas prices due to supply issues. Presently, the state\u2019s average price for a gallon of gas is $5.785, almost $1.50 higher than the national average. So, when will gas prices go down? Before that, you must know the main reasons behind the surge in gas prices!\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3><span data-contrast=\"none\">Demand for gas after the pandemic<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">The gasoline demand crashed as people sought refuge at home due to nationwide lockdowns when the pandemic hit the US in March 2020. An average driver reduced their driving time in half. Due to the sharp decline in demand, gas prices fell to an average of $1.94 per gallon in April 2020. But people resumed driving as vaccines became available and the economy improved, resulting in the rise of gas prices. By March 2021, the average gas price per gallon surged to $2.82, recording a 45 percent increase from the pandemic period.\u00a0<\/span><\/p>\n<h3><a href=\"https:\/\/www.way.com\/gas\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-39941 size-full\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/05\/save-on-gas-1.png\" alt=\"\" width=\"794\" height=\"294\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/save-on-gas-1.png 794w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/save-on-gas-1-300x111.png 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/05\/save-on-gas-1-768x284.png 768w\" sizes=\"auto, (max-width: 794px) 100vw, 794px\" \/><\/a><\/h3>\n<h3><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-contrast=\"none\">Oil production reductions<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">OPEC and oil-producing countries like Russia cut their production by 10 million barrels when the demand for gas and oil fell during the pandemic. It is equal to 10 percent of the global supply. Though the global economy recovered from the pandemic, OPEC was slow to ramp up production. So even after the gas consumption reached pre-pandemic levels, the production was lagging significantly. OPEC didn\u2019t accelerate the production till July 2021.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3><span data-contrast=\"none\">Sanctions imposed by the US on Russia impact the global market<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">As the prices kept on increasing, Russia\u2019s invasion of Ukraine resulted in a 20 percent or more surge in oil and gas prices in just a few weeks. On March 8, President Joe Biden declared a ban on Russian oil and gas imports. It was to target Russia\u2019s primary revenue source during the war. However, the US only imports less than 10 percent of its gas and oil from Russia. Though the US doesn\u2019t depend much on Russia for fuel, what made the prices surge so heavily? It is because of the larger global oil market.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_will_gas_prices_go_down\"><\/span><span data-contrast=\"none\">When will gas prices go down?\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Though there happened a slight dip in prices recently, people are still apprehensive about will gas prices go down. However, experts say that you have to expect high gas prices for weeks, if not months. Experts also expect that the average gas price per gallon may exceed $5 across many parts of the country in the next six months. It will surely be troubling low-income families and rural residents who may have to cut back on spending. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">It will be fair to expect $5-6 per gallon throughout the summer, with diesel prices even higher. If high prices continue, it could significantly impact the US economy. It will result in lower consumer demand for various products as people limit their spending to balance the higher cost of daily commutes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_average_gas_prices_by_year\"><\/span><span data-contrast=\"none\">What are the average gas prices by year?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-37636\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/03\/Gas-prices-in-USA-1024x1024.jpeg\" alt=\"Gas prices in USA states\" width=\"640\" height=\"640\" \/><\/p>\n<p><span data-contrast=\"none\">In 2020, the average gas price was around $2.242 per gallon, and it increased to $3.133 per gallon in 2021, recording a surge of 39.7 percent. The average gas prices by month have increased since the beginning of 2022. The average price per gallon was around $3.50 in January, and it surged to $3.675 in February. At the same time, the average price per gallon stands at $4.289 this month.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><em>Here&#8217;s more <a href=\" https:\/\/dev.way.com\/blog\/why-are-gas-prices-rising\/\" target=\"_blank\" rel=\"noopener\">info<\/a> on increasing gas prices!\u00a0<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_will_gas_prices_go_down_Some_quick_info\"><\/span><span data-contrast=\"none\">When will gas prices go down: Some quick info<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The average price per gallon is nearly $4.289 in the country. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Experts believe that the average price per gallon will exceed $5 in six months. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">When the price exceed $5 per gallon, the economy will suffer from demand destruction. Consumers and businesses cut spending as a result of the higher prices.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<hr \/>\n<p><em><span data-preserver-spaces=\"true\">Here\u2019s more info on\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.way.com\/airport-parking\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">top-rated airport parking<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">,\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.way.com\/cities\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">the best parking spots in your city<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">, the most\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.way.com\/insurance\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">affordable insurance<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">\u00a0for your car, and\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.way.com\/car-wash-near-me\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">top-rated car washes near you<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">.<\/span><\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the Russian attack of Ukraine began on February 24, gas prices have risen to their highest level in more than a decade. It sends global markets into a tailspin because Russia is one of its largest oil producers. The average price of regular gas touched $4.33 per gallon on Monday, and the prices continue&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/when-will-gas-prices-go-down\/\">Continue reading <span class=\"screen-reader-text\">When Will Gas Prices Go Down?\u00a0<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":37637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[607,531],"tags":[5189,5319,5320,5183,5188],"class_list":["post-37632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gas","category-infographic","tag-gas-prices-rise-united-states","tag-when-will-gas-prices-drop","tag-when-will-gas-price-decrease","tag-gas-price","tag-gas-prices-rise","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>When will gas prices go down?\u00a0<\/title>\n<meta name=\"description\" content=\"Gas prices are skyrocketing. Why? How much more will it surge? When will gas prices go down? Know all about when the prices will drop.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Will Gas Prices Go Down?\u00a0\" \/>\n<meta property=\"og:description\" content=\"Gas prices are skyrocketing. Why? How much more will it surge? When will gas prices go down? 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Why? How much more will it surge? When will gas prices go down? 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