The ongoing surge in omicron cases appears to have caused a decline in U.S. gasoline demand, according to an industry expert.
On Monday, gasoline demand was down 6.3% from a week ago, which is the "weakest since Memorial Day," according to Patrick De Haan, head of petroleum analysis at GasBuddy. Demand was also down 5.5% on Sunday compared to a week ago, according to De Haan.
De Haan told FOX Business that it's too early to tell if this trend will continue and that the current decline doesn't necessarily have a significant impact on consumers right now.
Still, demand will be low enough to "help better balance high global demand and low supply," De Haan added,
In general, lower demand can mean lower gas prices at the pump but "in the current imbalanced market, lower demand coupled with rising supply may soften future prices," according to De Haan.
Currently, GasBuddy projects that prices at the pump will continue to climb into early 2022 with the national average projected to reach $4 per gallon by spring.
GasBuddy estimated that prices may even peak as high as $4.13 per gallon in June before cooling off and "falling back to potentially just under $3 per gallon by the holiday season."