U.S. motorists fill up less than they did last week and the week before. Gas prices are expected to slide for the third consecutive week as crude oil costs fall.
According to AAA, the national average for regular gasoline was $4.86 on Thursday, which is more than 8 cents lower than a week ago. The rising threat of a global recession has slowed demand for oil. Last week’s $110 price drop in crude oil prices led to a fall of $107 per barrel, according to the AAA travel club in a Monday news release.
“The price of oil is almost $3 for every $4.89 at a gas station. AAA spokesperson Andrew Gross stated that consumers should get more relief when filling up, in the event of further drops in oil prices.
RBOB gasoline is down almost 25c/gap. If the market closes at this level and stations immediately pass it on, then the national average would be around $4.39/gal. There is plenty of room for #gasprices and other fuel prices to fall.
Patrick De Haan from GasBuddy’s petroleum analysis, said that gas prices will continue to fall and were headed for a third weekly decline.
Spot #gasprices will drop by 10-20c/gal today, keeping the national average lower for a third consecutive week… but there is no need to rush… prices will continue falling!
He cautioned that the relief may be temporary as abrupt changes in supply could quickly reverse the downward trend.
There is still a chance that oil prices will rise and set new records. This is especially true if there is an unexpected hurricane or other event that stops refining or oil production. This is a concern in the midst of what is turning out to be an extremely hot summer for demand,” De Haan said to CBS MoneyWatch.
On June 16, the national average price of regular unleaded gasoline was just over five dollars per gallon. This has prompted increased interest in fuel cards and fuel cards as Americans search for cheaper ways to get gas.
