Gasoline prices forecast to drop to four-year lows this fall
Motorists have something to look forward to this fall: the lowest gas prices in four years.
That’s according to a prediction from GasBuddy.com, the price-tracking website. Company analysts said the nation’s average gas price should tumble to a range of $3.15 to $3.25 for a gallon of regular.
That would make for the cheapest autumn gas since 2010. Motorists in more than 30 states are likely to enjoy prices below $3 at the pump, at least temporarily, GasBuddy said this week.
Nationally, the average price for a gallon of regular reached $3.37 Wednesday, the lowest since February. In California prices hit $3.764, also the lowest since February.
A U.S. shale oil boom in recent years has put downward pressure on prices, said GasBuddy analyst Tom Kloza.
“We are looking at the lowest crude prices domestically in four years,” Kloza said.
And several factors, including less demand in the fall, will bring down prices from summer, GasBuddy said.
International crude prices have plunged more than $15 per barrel since June, when they peaked as the militant group Islamic State stormed through Iraq, capturing large swaths of territory.
And the annual switch to cheaper autumn and winter blends of gasoline has already occurred everywhere but California, GasBuddy said.
California will switch to winter blend gas at the end of October.
Kloza doesn’t expect Golden State gas prices to fall below $3, but California drivers can still expect relief.
Prices “are going to drop appreciably between now and late December,” Kloza said.
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