Gas prices fall for seven straight weeks, could drop further
Aug. 3—TUPELO — After peaking in June at an average price of $5.02 a gallon, gas prices have fallen for 50 consecutive days.
According to AAA, gas was averaging $4.16 a gallon nationwide as of Wednesday morning. In Mississippi, the average is $3.74. Gas prices in the state hit a record $4.52 on June 12.
"We know that most American drivers have made significant changes in their driving habits to cope with high gas prices," said Andrew Gross, AAA spokesperson.
Survey data from AAA backs up Gross' claims, showing that drivers are making substantial changes in how often they drive in order to cope with high pump prices. Sixty-four percent of U.S. adults changed their driving habits or lifestyle since March, with 23% making "major changes." Drivers' top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out.
"We continue to see average gas prices falling in every state, with the national average down for the seventh straight week," said Patrick De Haan, head of petroleum analysis at GusBuddy in a press release. "Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below."
While that has brought some relief to consumers weary of inflation and higher prices and virtually everything, gas prices are still near a dollar more per gallon than a year ago.
Still, with oil prices falling, there is some hope that gas prices will continue to fall. How far remains to be seen.
Meanwhile, oil futures turned lower Wednesday after government data showed an unexpected rise in U.S. crude and gasoline inventories, erasing gains seen after OPEC and its allies delivered a meager production increase.
De Haan said as oil prices continue to hold at current levels or decline further, he expects to see even lower prices at the pump in "most areas."
