Gas Prices Dip as Imports Rise and Summer Demand Slumps

Gas prices across the U.S. are trending down, with the national average dipping to $3.14 per gallon—the lowest summer price in four years—and could fall below $3 by September. A cooler-than-expected summer driving season, extreme heat, and a post-pandemic shift in travel habits have all contributed to a drop in fuel demand. Meanwhile, gasoline imports from Canada and Europe have surged, boosting inventories and storage needs. With OPEC expanding production and the Colonial Pipeline increasing East Coast capacity, experts say more relief at the pump could be on the way.