Gas prices could continue to fall, but California won't see much relief: expert

FOX Business Flash top headlines for March 17

Here are your FOX Business Flash top headlines for March 17.

The national average cost for a gallon of gasoline is likely to continue to fall in the coming weeks, though prices in California will remain elevated due to supply issues, according to an industry expert.

As of Thursday, the national average is $4.289 a gallon, down from Wednesday's average of $4.305, according to AAA data. 

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Gas prices in Westchester are above $6 as prices at the pump continue to rise across the Southland on Sunday, March 13, 2022, in Los Angeles.  (Jason Armond/Los Angeles Times via Getty Images / Getty Images)

Andy Lipow, the president of Lipow Oil Associates, projected that the national average could slip to $4.10 a gallon in the coming weeks. If this occurs, prices would be down about 23 cents from Friday's high of $4.33 per gallon, according to AAA data. 

The national average has continued to rise since the beginning of the year due to strained supply and increased demand, according to Edmonds. However, Russia’s invasion of Ukraine three weeks ago caused oil prices to surge higher, pushing prices at the pump to levels not seen in over a decade. 

Lipow noted that the national average on Feb. 23, right before Russian forces invaded Ukraine, was $3.53 per gallon. 

Consumers are now starting to feel some relief again at the pump because of the crude oil prices retreating. 

However, Lipow noted that this might not be the case for California. 

GAS PRICES SURPASS $4, LEADING AMERICANS TO MAKE LIFESTYLE CHANGES: AAA

"California is a different story; prices will remain high as there is a major refinery problem impacting the supply of gasoline in Southern California," he said. 

Currently, the average price for a gallon of gasoline in the state is $5.785, which is nearly $1.50 over the national average. 

In some areas, like Mono County, the average is above $6 a gallon.

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