US gas prices drop for the third week in a row to an average of $4.12
As we approach mid-June, the national average of US gas prices has been dropping for three weeks in a row, giving some relief to drivers traveling during a busy summer season. Since May 21, prices have fallen from $4.56 a gallon and are currently at $4.12 due to crude oil prices staying below $100 per barrel, according to the American Automobile Association.
US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.
GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.
US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.
GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.
