Experts predict gas prices will go down below $3 a gallon again
There’s no straight answer on when prices will go down, but it’s not too far away.
Earlier this year, the OPEC announced that it will be cutting oil production overseas by two million barrels a day starting on November 1. Which lead to consumers immediately seeing gas prices go up, which was a premature statement. Now shortly after this, multiple oil refineries are going back into production, which means gas could be going back down soon.
Many gas stations overreacted to the recent OPEC news by immediately raising their prices. But there is time before November to try and offset the impact of losing two million barrels a day.
ABC News has previously reported that among these moves, the Biden administration will confirm releasing 15 million barrels of oil from the nation's stockpile - known as the reserve - in December. Gas prices should see declines going into the end of this year and beginning of next, as the focus on oil production grows.