Gas prices down, Target slashing costs ahead of busy holiday travel weekend

TAMPA, Fla. - Prices are still crushing wallets, but this week, there are several initiatives aimed at helping consumers save money.

Target announced it's slashing prices for thousands of items. The Biden administration also announced it will release one million gasoline barrels from a Northeast reserve to try and lower prices at the pump this summer.

We're seeing a lot of solutions to combat inflation, but will it have an impact?

RELATED: Target cutting prices on ‘thousands’ of basics amid inflation

"I think that the nationwide impact is going to be very small, as most of this gasoline is being released in the New York, New Jersey area, with a smaller amount up in the state of Maine," said Gas expert Andy Lipow with Lipow Oil Associates. "Consumers in Florida are going to see really no impact from the release of the gasoline. But what I would say, is any additional supply on the market tends to temper any price increases."

This comes as AAA expects this Memorial Day weekend to break records, with 38.4 million Americans filling up to get to their destination.

"I do have some good news for the consumer, because I expect gasoline prices to fall another $0.05 a gallon as we go into the Memorial Day holiday," said Lipow.

Lipow said that nickel saved at the pump is thanks to an increase in supply in the market, compared to last summer. Prices are going the other way in other sectors.

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Target announcing 5,000 product mark-downs, from produce to paper towels, dairy to diapers, and while slashing prices may seem like a gift to customers, marketing experts said when big stores run these big deals, it’s usually because they have to.

"Target is also doing it for Target. It's good marketing, it’s a good feel good announcement and will help the consumer going forward with some low prices," said FOX Business contributor Gary Kaltbaum.

He said you can expect the trend to pick up, creating a ripple effect for consumers, as other retailers have to compete with Target’s prices.

"Guess what else happens?  Other companies will have to start matching if Target is lower than their prices," said Kaltbaum.

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