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Why are gas prices falling?

Fuel prices are down and they could continue to fall in the months ahead.

HOUSTON — It’s good news for everyone struggling to deal with inflationgas prices are falling. Nationwide the prices are down for 48 straight days with the Texas reporting the lowest average price.

Experts say a big part of the plummet is simply supply and demand. When the cost of gas spiked earlier this summer people cut back on driving.

According to NPR, gas consumption is down about 9 percent in the U.S. compared to a year ago. This came as supply increased more than 6 percent – a recipe for lower prices.

RELATED: Average gas prices near $4 after 50-day decline

It also helps that the price of crude oil is going down. The price of oil makes up about 55 percent of what you pay at the pump.

The price of West Texas crude dropped below $90 a barrel this week for the first time since the Russian invasion of Ukraine.

RELATED: Gas prices soared, and so did oil companies' profits, including North Texas' Exxon

So how low will they go? Experts are torn on this one. If gas prices follow traditional trends they will continue to fall as we head into fall. That’s because normally when summer vacation ends so do the road trips.

But experts are wondering if Americans tired of being stuck at home because of high gas prices might hit the road as they fall below $4 a gallon.

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