The gas pump prices have dipped once again, and they're likely to drop even more, according to an industry expert.
The average gasoline price in the U.S. is $3.347, according to Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business.
On Sunday, De Haan noted that prices fell to $3.349 gal, the lowest since October 19 and that more declines are likely to follow in the coming days.
With crude oil edging slightly higher, we may have slightly lower chances of seeing the national average fall below $3 per gallon Currently, the price of West Texas Intermediate crude oil is $67.84 per barrel.
He still expects to see more price drops across the country this week. De Haan believes that most areas around the country will experience similar declines over time.
This will be like running a marathon, De Haan said. Some states will see declines faster, others slower, but we'll all get there eventually. California, which broke a record last month for having the highest prices in the country, saw a slight dip last week. The state average fell to $4.67 after prices fell by 3 cents, according to De Haan.
In January, OPEC agreed to increase oil supply by 400,000 barrels per day, which De Haan said is likely to lead to even lower gas prices.
Prior to that, President Biden ordered a record 50 million barrels of oil released from America s strategic reserve to try and quell rising prices at the pump.
Even with OPEC's decision, there is no plan to slow down releases from strategic reserves, according to Jen Psaki, White House press secretary.
Psaki said that they were pleased with the decision to continue the 400,000 barrels per day increase. We believe this should help facilitate the global economic recovery, along with our coordinated release from the SPR.