Tuesday, June 18, 2019
Home Business Gas prices could fall below $ 2 for many Americans

Gas prices could fall below $ 2 for many Americans

Gas retail prices have been falling steadily for several weeks. The national average, according to AAA, is currently $ 2.72 per gallon of regular gasoline, a drop of 17 cents from the 2019 high in early May and a 7 cents decline last week.

Wholesale prices fall even faster, suggesting The prices at the pump should continue to fall.

"Almost every part of the country is likely to see a decline by the end of next week," said Tom Kloza, head of energy analysis for the Oil Price Information Service.

Most of the decline is due to falling oil prices, which is also due to booming US oil production. This has offset the production cutbacks of the OPEC countries in support of prices. Oil prices have also fallen in part as demand for gasoline on international markets, especially in China, has been weaker than expected as the slowdown has impacted car sales.
Gasoline prices have fallen the fastest in parts of the country where gasoline worth $ 4 was the norm at the end of last month. In California, which still has the highest average price of $ 3.86 per gallon, prices have dropped by 23 cents. And wholesale prices in the West are falling even faster than anywhere else in the country, as the refineries closed there go online again.
The US oil boom will break further records this year. OPEC is stuck in the retreat

"Gas prices should continue to fall as we move through the summer," Kloza said. "It is very likely that we will pay less than $ 2.50 in the next few months."

The national average price is likely to fall even further, according to Kloza, to $ 2.25 a gallon over the year. As soon as the summer driving season ends, the demand for gasoline decreases, which lowers prices. So you have to do without the more expensive gasoline mixture, which is needed in the summer months to combat smog.

A national average of $ 2.25 per gallon would probably mean that nearly half of the country's gas stations are selling regular gasoline for less than $ 2 a gallon, Kloza said.

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