# Is gasoline heading back down to $4 a gallon?

By [JonkerGeraldine](https://paragraph.com/@theid) · 2022-07-19

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### Is gasoline heading back down to $4 a gallon?

Gasoline prices in the United States have dropped back down to an average of $4.52 a gallon after hitting record highs above $5 a gallon one month ago.

The White House is betting they have more room to fall, a positive side effect of global recession fears.

"I expect it to come down more towards $4," Amos Hochstein, the special presidential coordinator for international energy affairs, said on CBS' "Face the Nation" on Sunday. "And we already have many gas stations around the country that are below $4."

Hochstein — who joined President Joe Biden when he visited with Saudi leaders last week — hinted that Gulf states could announce a boost in production in the coming weeks, easing supply constraints.

"Based on what we heard on the trip, I'm pretty confident that we'll see a few more steps in the coming week," he said.

But forecasting oil prices for the rest of the year remains a difficult gambit. Europe is hunting for replacements for Russian barrels. If China eases its strict efforts to contain the spread of Covid-19, demand for crude from the world's biggest importer could jump, further squeezing markets. And it's not clear countries like Saudi Arabia and the United Arab Emirates will ultimately tap their spare capacity, which is limited.

**Watch this space:** Global oil prices finished last week at roughly $101 a barrel, 27% below their March high. They remain volatile, however. On Monday, they climbed 2%, rising back above $103 per barrel

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*Originally published on [JonkerGeraldine](https://paragraph.com/@theid/is-gasoline-heading-back-down-to-4-a-gallon)*