Retail gasoline prices across Texas have dropped seven cents this week to settle at an average $1.90 per gallon.
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Gasoline prices in Minnesota are slipping below $2 per gallon and experts say they’re headed even lower.
DeHaan says the trend is happening all over the Midwest, and he doesn’t expect it to end until early next year.
“If Portage goes (much) below $2, it would be the lowest since the recession”, DeHaan said.
In Lansing, Friday’s average is about $2.41. In terms of decline, Wisconsin has fallen 16 cents a gallon since last week.
Could gas fall below $2 for Thanksgiving?
Low gas prices are also welcome with the coming holidays.
Motorists typically drive less in the fall and winter, reducing fuel demand, which pushes down the price. The closest community to La Crosse that had posted below $2 was Mauston in Juneau County at $1.99.
Disruptions in the oil commodities market from wars, refinery accidents and other events can trigger price spikes anytime.
“Crude oil supplies are 100 million barrels higher than a year ago”, DeHaan said.
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“One or two days isn’t going to make a difference”. Should the French government follow through on its threat to bomb oil installations that ISIS controls, the result would likely be marginal.
