After reaching record high levels last month, drivers have welcomed a recent dip in gas prices. But the reprieve may not last, with energy analysts warning that gas prices could soar again in October ahead of November’s midterm elections. The average price for regular gasoline nationwide was $4.532 on Sunday-down from a record of $5.014 a month ago, according to the American Automobile Association. That is still $1.365 higher than a year ago. President Joe Biden has blamed Russia’s ongoing invasion of Ukraine for skyrocketing gas prices. The price of crude oil is a major factor in the price Americans pay at the pump. The falling price of crude oil (which was about $101 a barrel on Sunday) and weakening demand have driven the cost of gas down.
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