CHICAGO -- Retailers may try to hold off lowering prices until after the Thanksgiving holiday, according to an expert with the Gas Buddy website.
"We can expect prices to drop in short order, although I suspect that gas stations may not pass along (discounts) until after millions of Americans have hit the road," says Gas Buddy's head of analysis, Patrick De Haan.
De Haan says prices may drop more quickly in Florida than some areas, because of a spike in prices last week. He thinks some retailers will undercut each other, leading to price wars. Governor DeSantis' move to suspend part of the gas tax wasn't factored in.
De Haan says oil prices have already been dropping and actually went up slightly after the announcement confirmed what most observers had expected for days or weeks.
The Biden administration complained that although crude oil was going down, that fact wasn't reflected at retail. De Haan says price moves weren't consistent, describing them as "gyrating." But he says more recently, oil prices have started to "plummet."
De Haan says the lag between crude oil and gasoline prices can be three to five days. "I know that gas stations know that motorists are going to be hitting the road for Thanksgiving and they may be reluctant... but rest assured, there will be decreases coming." He thinks that gas prices may rebound, especially if OPEC starts slowing down production again.
President Biden insisted that his moves to combat climate change haven't contributed to rising gas prices. De Haan disagrees. "The President has focused more on the future of electric vehicles... but not a transitory plan for us to get there."
Hear more from DeHaan below: