Why gas prices are 'unlikely' to fall under $3 per gallon

National average for gallon of gasoline is $3.338

Daniella Genovese FOXBusiness

 

The average price for a gallon of regular gasoline in the U.S. is unlikely to dip under $3 following news that vaccines may be effective against the omicron variant of the coronavirus, according to one industry expert. 

 

The average price is $3.338 a gallon, up from $2.158 a year ago, according to the AAA. 

"It seems like there is some optimistic news that previous vaccines may be effective against the variant," De Haan told FOX Business. "As a result, the wholesale price of gasoline has rebounded."

Previously, De Haan estimated that prices could decline under the $3 mark because of anxiety surrounding the omicron variant. 

By Wednesday afternoon, the Centers for Disease Control and Prevention (CDC) recorded 43 cases in 19 states. More than three-quarters of those patients had been vaccinated, and a third had boosters. However, nearly all of them were only mildly ill, CDC Director Rochelle Walensky, said.

De Haan projects that although there could be some relief at the pump over the next week or two, "it is unlikely now that the national average falls under $3 [per gallon]."

He doesn't project an increase in prices at the pump just yet. 

"But ultimately they [gas prices] could rise again eventually," De Haan added.