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Gas Prices Finally Dropping But For How Long?

Four months after Russia’s invasion of Ukraine triggered record, skyrocketing gas prices, there’s finally some relief occurring at area stations. And Patrick de Haan, with Gas Buddy dot-com, says it could be the start of a larger drop, just in time for the upcoming Fourth of July travel period. But he refutes some analysts who say a downturn in consumer demand is a factor. And with no real drop in driving this summer, de Haan says supplies remain tight. De Haan says the drop is likely due more to the economic downturn. That includes from a COVID resurgence lockdown in China that’s slowed oil consumption. He also says the recent proposal from President Biden to Congress for suspending the federal gas tax would also help. He says Biden has also suggested that state gas taxes also be suspended. If that happened in California, prices could drop by as much as 70-cents a gallon.

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