Gas Prices Continue to Fall or Remain Steady—Near Six-Year Low

Gas PricesIn some parts of the United States, gas prices might fall—or have already fallen—below $2.00. In Palm Beach County, FL, for example, the price has not changed from $2.25 per gallon of regular unleaded over the past week, but many motorists have reported coming across $2-or-below per gallon all across the country.

In fact, AAA spokesman Mark Jenkins shares, “Motorists are now saving an average of $18.00 for a full tank compared to two years ago when gas prices were above $3.00. These savings couldn’t come at a better time, as Americans look to allocate money for holiday shopping and travel.”

And in Florida, the state average per gallon is $2.05, which is only down one penny from a week ago. However, some 46 percent of gas stations in Florida have been reported as selling gas for under two bucks.

Jenkins goes on to describe, “After 25 consecutive days of declines, the pump price plunge briefly stopped, then slowly slipped again. This was mainly the result of oil prices inching up a couple of dollars two weeks ago. Fortunately, oil prices fell again last week, which should allow gas prices to creep lower too.”

The national average, though, has not moved—remaining steady at $2.03 a gallon—but senior petroleum analyst Patrick DeHaan notes that the price will likely drop to a six-year low within the next day or so.
“OPEC is going to wait for production to resume from Iran before looking at oil production quotas again next year,” DeHaan shares. “While we wait and see what that next meeting might bring, high oil production will likely continue to boost already record high oil inventories, keeping gasoline prices somewhat subdued.”