Despite West Texas intermediate crude oil futures dipping below $100 per barrel on Tuesday, serious gas price relief may be unlikely happen until motorists make adjustments by driving less.⁠
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“I think the only thing that’s going to make a dent in gasoline or jet fuel prices is demand destruction,” Vectis Energy Partners principal Tamar Essner said on Yahoo Finance Live after being asked when gas prices may drop below $4 a gallon (video above). “So we have to push higher until we get to that point.”⁠
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Consumers are beginning to see some pressure taken off their wallets when making their stop at the local gas pump, with the average price of regular unleaded gasoline dropping for the third straight week last week, but prices remain exorbitant as drivers haven’t pulled back aggressively on travel.⁠
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The current average price of regular gasoline in the U.S. is $4.77 a gallon, according to Gas Buddy data, down from an all-time high of $5.03 a gallon on June 16. GasBuddy estimates that gas prices dropped more than 10 cents.⁠
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Link in bio to discuss the latest word on the street.
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