After Hitting Record Levels, Gas Prices Decline For 21-Straight Days

By Bill Galluccio

July 5, 2022

New York Suspends Its Gas Tax For Rest Of Year
Photo: Getty Images

The average price of gasoline has decreased for 21-straight days, dropping to an average of $4.80 a gallon, according to the American Automobile Association.

The three-week drop follows the record-high prices when the average cost of gas soared above $5. The price of gas is still much higher than it was one year ago when it averaged just $3.13 a gallon.

Despite a surge in travel for the holiday weekend, the demand for fuel has declined amid the record-high prices. Business Insider reported that demand for fuel hasn't been this low since 2014, excluding 2020.

The surging price of gas sparked calls for a boycott, with people on TikTok urging their fans to refrain from filling up their tanks between July 3-5. According to Yahoo! Financethe topic racked up over 400 million views on the social media site.

It is unlikely that the suggested boycott had any impact on the cost of gasoline, though.

Yahoo! reported that Patrick De Haan, head of petroleum analysis at GasBuddy, told WFTV that boycotts tend not to have a significant effect on gas prices.

"By avoiding filling up for a couple days — that won't do anything," he said, noting that similar boycotts in 2008 had no impact on the cost of gas.

"I look back at charts from 2008, and guess what, there's no major impact from a boycott," he said. "Gas prices plummeted in September and October 2008. And that continued. That was because the collapse of Lehman Brothers and Wall Street and what tipped us into a recession."

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