GasBuddy predicts gasoline prices to go below $2/gallon national average

FROM GAS BUDDY

Average retail gasoline prices in New York have fallen 5.0 cents per gallon in the past week, averaging $2.48/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $2.29/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 113.9 cents per gallon lower than the same day one year ago and are 24.8 cents per gallon lower than a month ago. The national average has decreased 34.1 cents per gallon during the last month and stands 104.2 cents per gallon lower than this day one year ago.

“The national average gasoline price had a solid decline in the last week, thanks to renewed pessimism in the oil patch after the Fed’s decision to hold interest rates steady,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While three midwestern states- Indiana, Ohio and Michigan- saw modest hikes associated with a continued behavior of spikes and ebbs, the rest of the nation’s 47 states saw gasoline prices declining. Alaska saw a 17 cent decline, South Dakota a 13 cent decline and Oregon an 11 cent decline to lead the nation. Nearly 1 in 4 stations are now selling gasoline under $2/gallon, and it looks like that should only grow in the weeks ahead. With much of the country now on winter gasoline, there is less pressure on prices during the upcoming fall maintenance season at the nation’s refineries. I continue to believe that the national average will fall under $2/gallon, perhaps even sooner than expected,” DeHaan said.