Will gas prices keep dropping?

• National average gas prices have fallen 80 cents from their May peak of $4.57/gallon, with 38 states now below $4/gallon.
• The decline is faster than what was observed in 2022, providing meaningful relief for consumers ahead of the July 4th holiday weekend.
• Outlook suggests prices could reach the low to mid-$3 range by Labor Day, but potential refinery impacts from heatwaves, gasoline taxes, and geopolitical developments (US-Iran, Ukraine attacks on Russian refineries) are wildcards.

Gas prices have significantly eased, dropping 80 cents from their May peak, with 38 states now below $4/gallon, offering relief for July 4th travelers. While further declines to the low-$3 range are possible by Labor Day, factors like refinery capacity, summer blend costs, and geopolitical events could influence future trends.