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Prices at the pump are going down

Currently the national average price for a gallon of gas is $3.37.

Posted: Dec 3, 2021 5:38 PM
Updated: Dec 8, 2021 5:07 PM

LAFAYETTE, La. - This year gas prices have soarded and right now according to AAA Americans are paying more at the pump than they ever have in the last seven years.

Currently the national average price for a gallon of gas is $3.37 but that price could be going down and soon. 

Oil prices fell sharply this week amongst fears that the Omicron Covid-19 variant could spread and now? Oil is expected to experience it's worst monthly decline since March of 2020.

This news is coming right after Moderna's Cheif Executive Officer Stéphane Bancel said that vaccines are likely to be less effective against the Omicron variant. 

"On average right now I'm probably spending about $45," said Lightfoot.

"I spend about $60 to $65 on a tank of gas," said Milioto.

However, what does a new Covid-19 variant have to do with gas prices potentially going down?
Well, a big reason gas is so pricey now is because there isn't enough global supply to meet demand as the world has opened back up. A new covid surge could close things back down.

After a year of unbelievably high gas prices what could a decrease in what you pay at the pump mean? Rodney Lightfoot drives a 2010 Ford Taurus limited.

"That would be huge, it'd mean more money in my pocket and in turn that means that I could be a better provider for my family and to me that's what it's all about," said Lightfoot.

Chrystal Alexnder drives back and forth between Louisiana and Texas as a home health care worker, she spends $130 a week.

"I could go more places you know, do more with my kids, go out of town more, it would mean alot," said Alexander.

Nathan Milioto is a college kid on a buget who drives 2.5 hours back and forth helping out his parents.

"They work a lot so they're like can you come home and babysit your brother and sister and I'm like sure. So I can have to bring all of my school over there, do it online and then I come back here the next day," Milioto.

Even before the new Covid variant was detected, President Biden said the U.S. will release 50 million barrels of oil from a National Emergency Stockpile - He called it a major effort to moderate the price of oil.

Now David M. Turk, who is the Deputy Secretary at the U.S. Secretary of Energy says those 50 million barrels of oil and a number of private sectors in our country should help balance our supply and demand issues.

Turk also says that gas prices will begin to go down in the next couple of weeks leading into the new year. He says at the end of the day America will have more oil in it's strategic stocks.

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