Gas prices nationwide likely to drop even further, expert says
Average price of a gallon of regular gasoline is $3.347
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Prices at the gas pump have dipped once again, and they're likely to drop even more, according to an industry expert.
Currently, the average price of a gallon of regular gasoline in the U.S. is $3.347, Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business.
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On Sunday, De Haan noted that prices fell "to $3.349/gal, the lowest since Oct. 19" and that "more declines" are likely to follow in the coming days.
De Haan told FOX Business on Monday that with "crude oil edging slightly higher, we may have slightly lower chances of seeing the national average fall under $3 [per gallon]."
Currently, the price of West Texas Intermediate crude oil is $67.84 per barrel.
However, he is still expecting "more price drops across the country this week."
In fact, De Haan expects most areas around the country to experience similar declines over time.
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"This will be like running a marathon," De Haan said. "Some states will see declines faster, others slower, but we'll all eventually get there."
Even California, which broke a record last month for having the highest prices in the country, saw a slight dip last week. Prices declined 3 cents, pushing the state average down to $4.67, De Haan said.
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Last week, OPEC+ agreed to increase oil supply by 400,000 barrels per day in January, which De Haan said is "likely" to lead to even lower gas prices.
Prior to that, President Biden ordered a record 50 million barrels of oil released from America’s strategic reserve to try and quell the rising prices at the pump.
White House press secretary Jen Psaki said that there are no plans to slow releases from strategic reserves even with OPEC’s decision.
"We welcome the decision today to continue the 400,000 barrels-per-day increase," Psaki said. "Together with our coordinated release from the SPR, we believe this should help facilitate the global economic recovery."
The Associated Press contributed to this report.