Q: Besides driving less, what can cause gas prices to fall?
A: The collapse of a national economy and/or another recession
Andy Lipow, president of Lipow Oil Associates, said gasoline could fall as much as another $0.10 a gallon nationally by July 4, but after that, the situation is uncertain. "We could see further declines, but I think that's heavily dependent on how the situation in Greece pans out and affects the value of the euro to the dollar," he said.
He and [Tom Kloza, chief oil analyst at OPIS] said if Greece were to default, Brent [crude oil] would immediately drop because of the potential ripples across Europe's economy. "If you're hoping for $2.50 to $2.75 gas prices, you probably don't realize it, but you're hoping for a recession," said Kozla.