Nevadans are paying, on average, more than $3 a gallon for gas.
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In February, Idaho and Utah were the only states where unleaded regular gasoline prices were less than $2 a gallon. In fact from September, some analysts believe our petrol prices could drop five to ten cents a litre a month, with the possibility of dropping below $1 a litre before the end of the year.
The Iran nuclear deal could have an impact on gas prices if it follows through since it would open up sanctions with the country.
The U.S.-Iran nuclear deal, which President Barack Obama announced Tuesday, could add 1-million barrels of crude oil to global markets and bring gas prices in the USA down to $2 a gallon. It is 61.9 cents more than a month ago and 15.9 cents higher than one year ago. “In the last week, we’ve seen wholesale prices move lower in California on improving supplies, and some of those declines may carry over to Oregon”.
Experts expect prices to be as low as $2 a gallon in the fall.
The question now becomes: If there’s more oil, does that mean prices will go down? Oregon is sixth, and is one of seven states with an average at or above $3 per gallon. Over the long term, if our demand for oil continues to grow, those extra barrels may be needed to fulfil supply, bringing oil and petrol prices back up to their current prices.
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Also, fuel imports into the region have dropped to zero for the first time since March, according to the website, which cited a report from the Energy Information Administration. Distribution systems have been unable to keep pace, according to AAA. A slew of global economic and geopolitical factors are working to pummel the price of oil and set up USA drivers for very low gasoline prices later this year. The cost has increased by about 10 cents in the last week.
