The drop doesn't signal a rapid descent to the low prices of 2021, but drivers could see modest decreases continue in the coming weeks, analysts say.
Consumer demand has fluctuated, with drivers juggling two competing feelings: the sting of record-high prices, and the urge to travel more than in the past two pandemic-cramped summers.that"the national average could fall to $4.55-$4.75/gal in the weeks ahead unless trends shift."Oil production has been rising, but refineries are struggling to keep up with demand. In the U.S.
"My personal view is there will never be another refinery built in the United States," Chevron CEO Mike WirthCrude oil prices are expected to stay volatile, in part because Russia's invasion of Ukraine and retaliatory sanctions against Russia by Western nations, which have disrupted energy markets around the world.