Millions of people who will travel by car for the Fourth of July will benefit from much lower gas prices than last year.was $3.53 on Monday, down slightly from the previous week and roughly 27% lower than last July. A record 43.2 million Americans are expected to travel by car for the holiday, a 2.4% jump from last year, according to AAA. Lower prices are good news for consumers.
But as oil prices fall amid worries that a global recession will hurt demand, some analysts expect the market to tighten and prices to jump again next year."We believe prices are stuck in the near term as markets weigh concerns of an expected recession against global supply," said one Well Fargo analyst.Sources across the spectrum framed the gas prices positively, while also mentioning how prices were much lower in 2020 and 2021, and how inflation remains high.