The national average gas price stands at $3.83 per gallon, per AAA. That's lower than the average price this time last year, at $4.06, but slightly higher than last week's average price at $3.78.
Excess savings to be depleted by the end of the year, per BNP Paribas
"All this savings accumulated from the pandemic," BNP Paribas senior US economist Andy Schneider told Yahoo Finance. "That was a real tailwind last year while the real wage story was a headwind, so ... now they've really flipped." But now, "excess savings is becoming more of a headwind," he added. "It's running down and we think that should be more or less depleted by the end of the year.""I think it's just a new era," Schneider said, adding: "Now people are going to have to broach something like higher gas prices without being able to rely on a higher stock of savings that they had last year, and this year they don't.
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