Gas prices could continue to tank toward $2 per gallon, even amid tariff threats

Gas prices could continue to tank toward $2 per gallon, even amid tariff threats
Summer road trips are right around the corner, and combined with threats of tariffs on China and Mexico, you’d think gas prices would be expected to rise. (Source: WAVE 3 News)

(WAVE) - Summer road trips are right around the corner, and combined with threats of tariffs on China and Mexico, you’d think gas prices would be expected to rise.

But new data from consumer site GasBuddy.com indicates that not only could gas prices drop, but they could drop significantly.

“The national average has fallen for its fourth straight week, probably not something motorists would associate with the start of the summer driving season,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “More impressively is the surprise that may soon hit some motorists: the nation’s cheapest gas prices may soon fall back under $2 per gallon as oil prices have plummeted nearly $14 in the last 8 weeks, prompted by worries about President Trump’s tariffs on China and now also Mexico, undermining the U.S. and global economy, and perhaps leading to a slowdown in oil demand at the same time as U.S. oil inventories have rebounded sharply.”

There is an asterisk, however.

“While there may be volatility and a return to higher prices should Trump make a deal to avoid tariffs on both the countries, for now, it’s going to be a big win at the gas pump with prices in most areas likely to fall notably in the week ahead,” DeHaan said.

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