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GasBuddy is reporting today that the second half of this year “represents a strong commitment that motorists will spend even less on gasoline this year than they did in 2014”. Between August 1 and December. 31, 2014, the national average price declined by $1.27.
The average price for a gallon of regular gas could drop 15 cents nationally, with the possibility of $2 gas by wintertime. Tuesday’s national average price was $2.70 per gallon, five cents less than one week ago and eight cents less than one month ago. “Prices drop very quickly in Ohio only to reset in the middle ground, so I wouldn’t be surprised if some areas in Ohio jump back up to $2.50 or $2.60 a gallon”.
If refineries continue producing at full capacity, the switch over to winter-blend gas – which is cheaper to produce and lower in demand – in the late fall should bring motorists good news.
The U.S. average was $2.69 a gallon this week, compared with $2.73 in Iowa, data from the Iowa Department of Agriculture shows. “It’s the flawless recipe for savings at the pump till the end of the year”, GasBuddy senior petroleum analyst Will Speer said in the release. Gas prices nationwide are falling at the fastest rate since January due to cheaper crude oil costs and the resolution of some refinery issues.
But after Labor Day, he said prices will decline noticeably, and predicts drivers will see $2 per gallon gas by Thanksgiving. Americans drove 275.1 billion miles in May, which was the highest monthly total on record, according to the most recent report by the Federal Highway Administration.
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Since Alabama is already about 40 cents below the national average, it stands to reason that prices could dip much lower here.
