Gas prices fall, but analyst says ‘drop could fade’

Although gas prices are still high, they are dropping which isn't typically the case around the...
Although gas prices are still high, they are dropping which isn't typically the case around the Fourth of July holiday.(WBRC)
Published: Jul. 5, 2022 at 8:26 AM PDT
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RENO, Nev. (KOLO) - Gas prices in Nevada have fallen more than 7 cents per gallon in the last week, according to GasBuddy.

The average price in the Silver State is $5.49 per gallon. GasBuddy reports prices are 3.5 cents per gallon higher than a month ago and $1.68 per gallon higher than a year ago.

In Reno, the least expensive gas on Tuesday outside of Costco and Sam’s Club was at Sinclair on Longley Lane at $5.55 per gallon followed by M Food Mart on Kietzke Lane at $5.63 per gallon.

The national average has fallen 10.4 cents per gallon in the last week, averaging $4.78 per gallon, Gas Buddy reported. That’s down 7.2 cents per gallon from a month ago and stands $1.66 per gallon higher than a year ago.

“While we may see prices decline into this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For the time being, Americans are spending nearly $100 million per day less on gasoline than when prices peaked a few weeks ago, and that’s well-needed relief at a time when gas prices remain near records.”

In California, gas prices are down 9 cents from last week averaging $6.21 per gallon.

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