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Gas prices may decline in coming weeks

The decline in the price of oil and a softening in demand may lead to gas prices dropping in the short term.

Gas Pump
Gas prices have lowered over the last week.
Mike McGurran
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FARGO — We've all had to adjust to high gas prices. The national gas average has been above $4 a gallon since March of this year.

And yet, at least in the short term, the ongoing pain at the pump may be lessening.

"Over the past couple of weeks, we've seen gasoline prices come down 10 to 15 cents or so a gallon," said Gene Ladoucer, the Public Affairs Director of Fargo's AAA branch.

He said there are a few reasons for the downward trend.

For one, the price of oil has gone down about $15 a barrel in the last few weeks. He said this is largely because demand has softened somewhat, especially after the national gas average hit just above $5 a gallon a few weeks ago.

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Ladoucer said with those high prices, people are making adjustments in their day-to-day lives to save money on gas.

"They're starting to find ways to reduce their dependence on gasoline, finding ways to cut back," he said. "And by doing so, they're helping to bring gasoline prices down."

Most people consider this a welcome trend, and Ladoucer said AAA expects gas to continue to trend downward for the next few weeks. However, he also stresses that it's too soon to be overly optimistic about those prices.

"Longer term, it's harder to say, because we still got that conflict in Ukraine, we still got the fear of a recession on the United States," he said. "So, there's a number of factors that are playing on the market right now that could force gasoline and oil prices back higher."

With so may variables to consider, making predictions about prices in the long term is challenging. For now, it's looking like the next few weeks could provide some relief for people's pocketbooks.

Related Topics: ECONOMYGASOLINE
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