CNN's Egan: 'Recession Fears' and People Reaching 'Breaking Point' Where They Drive Less Are Factors in Gas Price Decline

On Monday’s “CNN Newsroom,” CNN Business Reporter Matt Egan stated that the decline in gas prices is “happening for a lot of reasons,” but “not all of them are good.” And that two of the factors are “Recession fears” that have caused oil prices to drop and led to a decline in gas prices, and that $5-a-gallon gas, “was a breaking point” where people started driving less due to the high price of gas. Egan said the decline “is a big deal, I think, psychologically, but also practically as people are dealing with high prices at the supermarket and pretty much everywhere. It’s happening for a lot of reasons, not all of them are good. Recession fears have driven down oil prices. That’s going to drive gas down. Also, turns out $5 gas, that was a breaking point. People started driving less when prices went up to record highs. No matter the reason, though, there are signs that this is going to continue. If you look at the market, some of the forecasters, Andy Lipow, a veteran oil analyst, he thinks that, in the next five days, you’re going to see $4 gas nationally, and by Labor Day, $3.90.” Follow Ian Hanchett on Twitter @IanHanchett.

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