Gas prices could soon go down

New York – Motorists could finally see some relief at the pumps after gas prices hit a yearly high earlier this month.

“If you don’t need gas, wait!, Patrick De Haan, GasBuddy’s head of petroleum analysis, tweeted Friday, as oil prices continued trending down.

The price of oil dropped for 10% lower than it was not even two weeks ago, De Haan said.

According to him, this trend will continue for at least a couple of weeks.

The average price of gasoline at the pump was $3.41, down just slightly from the highest year-to-date price of $3.44 seen Nov. 10.

According to De Haan, he is hopeful that the price won’t hit those high levels again before the end of the year.

“We have potentially now seen the peak in price,” he said.

According to De Haan, one likely factor impacting the price at the pump could be the rising COVID-19 cases in Europe that have led to more lockdowns. He also pointed to President Joe Biden’s continued talks of opening the Strategic Petroleum Reserve potentially affecting the oil markets.

There are too many factors to pinpoint an exact cause for the decline; however, he said one thing is certain: “oil is clearly struggling,” according to De Haan.

De Haan said he doesn’t anticipate Thanksgiving travel having any impact on prices.