Gasoline prices are projected to drop below $5 a gallon, according to Patrick De Haan, head of GasBuddy. Factors contributing to this decline include President Trump's exemption of oil from tariffs, leading to falling crude prices. While the national average is currently $3.26, California's average remains elevated at $4.96. Experts predict that lower demand and production increases from OPEC+ could see California gasoline prices range around $4.50 to $4.45. De Haan suggests the possibility of prices falling to mid-$4s unless unexpected circumstances arise.
"Tariffs are causing concerns about slowing global economic activity and recession. This in turn slows demand for oil," said Gocke Soydemir, Foster Farms endowed professor of business economics at California State University, Stanislaus.
"California is becoming more of an outlier and more isolationist because of its stringent policies. It's notoriously difficult to predict," said De Haan.
"If things go well," De Haan said, "summer's price could be $4.25 to $4.45. If things don't go perfectly, the mid-4s."
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