Why have gas prices been dropping a couple of cents for the last 3 days?

Question

Each day the gas prices at the pump has dropped about 2-4 cents per day for the last 3 days. Why is this happening? And ho wlong will it go on for?

Answer 1

Actually it is because the demand for gasoline is significantly down.  And it is starting to affect the price of crude oil.  You can expect the decline to continue but there will be a spike around Labor Day

Answer 2

The price of oil per barrel has dropped slightly and gas prices are highly regulated, if oil companies pay less we will too