Gas prices may get lower, analyst says
Nationwide, the current price of gasoline is averaging $2.72 per gallon with the price of oil rising Friday to above $55 per barrel, or 42 gallons.
However, Patrick Dehaan, GasBuddy's head of petroleum analysis, says the price of gas is going to go down by at least 50 cents per gallon over the next four months.
“We could probably plummet 50 cents a gallon by even Thanksgiving as long as the U.S. is staying on this road with China,” Dehaan told Fox Business' Stuart Varney on "Varney and Co." on Friday.
If the trade war with China continues and tariffs increase, it could hurt consumer spending power and economic growth.
“More [consumer] money going to tariffs [will] hurt oil demand,” Dehaan said, but he still expects prices to lower even if there is a trade deal with China later this year.
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“Summer driving season is wrapping up, and we’ll be switching back to cheaper, winter gasoline as well,” he noted.