Worst may be over for drivers filling up their tanks: GasBuddy analyst

The national average for gas continues to retreat, now around $4.11 per gallon

Patrick De Haan, head of petroleum analysis at GasBuddy, argued on Monday that the "worst may be behind us" when it comes to gas prices, but outlined the different factors that could change that.

De Haan provided the insight on "Cavuto: Coast to Coast" as the national average for a gallon of gas continued to retreat, now at around $4.11, according to AAA, signifying a 22-cent drop from last month's record high.

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The association noted in a news release that the fluctuating price of oil continues to be the main factor influencing gas prices, adding that prices "will likely face downward pressure if oil prices stay below $100 per barrel."

Oil prices have fallen back on expectations of weaker demand after peaking above $130 per barrel last month due to anxiety about the disruption of supplies from Russia, the world's No. 2 exporter. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 81.67 +1.32 +1.64%
BNO UNITED STS BRENT OIL FD LP UNIT 33.34 +0.60 +1.83%

De Haan noted on Monday that the fall in oil prices is starting to have a "profound impact" on gas prices. 

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"Americans [are] now collectively saving about $100 million every day fueling up in light of the lower prices, and the good news is with oil prices down today significantly, I think we will see a fourth straight week of declines across the country," he told host Neil Cavuto

De Haan argued that one of the biggest factors for the lower prices "is the surge in COVID cases" in China and "how Chinese authorities are responding to the surge in COVID cases by issuing those travel restrictions."

"As a result, there is a tremendous amount of demand destruction happening in China," he told Cavuto. 

De Haan also argued that another contributing factor is concern about "what lies ahead" given "the possibility of recession as interest rates and inflation continues to go up."

He said that he believes "gas prices may have peaked for the year ahead," but warned that prices could go higher "if there is unrest or escalations between Russia and Ukraine" and with expectations that hurricane season will "be a busy one."

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De Haan then stressed that there are "a lot of factors" that could result in drastically different outcomes this summer, but said, hopefully for motorists, "the worst may be behind us."

FOX Business’ Joe McDonald contributed to this report.