MORAINE, Ohio (WDTN) – Gas prices fell below $4 a gallon at several locations in the Miami Valley Tuesday. Travel experts are weighing in on what’s leading to lower prices and if it will last.
Some people stopping to fill up in Moraine were in disbelief seeing gas for less than $4 for the first time in weeks.
“It’s like, man, the holy grail of gas right now,” Carlos Sept from Dayton said.
“This is the lowest place for right now, that’s the reason I stopped because gas is rough,” Thomas Maddox from Dayton said.
AAA reports the national average for gas is $4.49 per gallon. In the Dayton region, the average is $4.34.
“Since last month, we’re down $0.66 here in the Dayton area,” AAA Public and Government Affairs Manager Kara Hitchens said.
Hitchens said a lower demand for gas is driving down prices.
“Two weeks since 4th of July holiday, there was an uptick in demand at that time, but since then, demand has gone down,” Hitchens said. “People are doing everything they can do to conserve their gas.”
Hitchens said the price of crude oil dropping below $100 a barrel and more oil entering the supply chain are other factors contributing to the decline.
However, Hitchens said AAA cannot predict how long lower prices will last.
“It’s hard to know what exactly the future holds,” Hitchens said. “Analysts thought maybe by the middle and end of July, we’d see prices go back up, and that still could happen, but it’s too hard to know with any certainty.”
Sept said any drop in gas prices makes a difference.
“It got over $5 bucks, you can’t even get four gallons of gas for $20, that was like unheard of, so this is a big relief,” Sept said.
Even though nationally gas is down 46 cents from a month ago, it’s still $1.36 more than this time last year, according to AAA.