Could Gas Prices Drop to $2?

Gasoline prices may fall to $2 a gallon again, similar to late 2021, influenced by current oil prices around $60 a barrel and record U.S. shale production. Despite potential recession risks and a dip in consumer sentiment—as measured by a 35-year low—lower gas prices could provide some relief to households, which typically spend about $3,000 annually on fuel. This could ease financial burdens, especially for lower-income consumers and may help mitigate recession impacts.

"Consumers perceive risks to multiple aspects of the economy, largely due to ongoing uncertainty around trade policy and the potential for a resurgence of inflation looming on the horizon."

"Lower gas prices also benefit those with low incomes."

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