Now over two-thirds of gas stations are selling gasoline at $1.99 or less, yet the national benchmark had previously failed to breach $2 a gallon as fuel prices have been stubbornly slow at dropping in the West and new refinery issues there may soon lead the national average back up.
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Matt Dunham/AP Britain’s Prince Charles, left, and his wife Camilla also attended the service on Christmas Day. Prince William has admitted he would be in for a challenging Christmas thanks to his son Prince George .
The average USA gas prices dropped below $2 per gallon this morning for the first time since March 25, 2009, according to AAA.
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As of 12:35 p.m. Thursday, the average price for a gallon of regular unleaded gas in Allentown was $2.19, down more than 47 cents from one year earlier, according to GasBuddy.
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Average gas prices, as calculated by GasBuddy, stood at $2.367 in Canton, 2.339 in Ogdensburg, and $2.357 in Massena on December 22 this year.
Pelton says he worked for a major oil company before joining GasBuddy, “where I did the pricing of the 1200-plus gas stations”.
Crude prices have gone down almost 30 percent this year, and analysts expect oil prices to remain low for even longer.
Thanks to the USA shale oil revolution, American oil production has nearly doubled in the past six years.
“And like clockwork, first-quarter retail prices tend to climb rapidly as this annual exercise tightens supply and consumer demand concurrently rises, but before that happens we might see the national average bottom out at $1.85”. Prices have generally been declining since they peaked during the summer.
The supply-demand balance in global oil market won’t be restored until the fourth quarter of 2016 due to the high surplus, resilient non-OPEC supply, and slightly weaker yet still robust demand growth, Courvalin said. It also predicted a worst scenario where prices could hit 20 dollars per barrel.
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“Traveling by auto even when gas is more expensive, when you put your family in your vehicle and you go traveling, it’s still an low-priced way to get around”, said John Paul of AAA Northeast.
