Gas prices in the U.S. are behaving like all good rollercoasters: a big drop that thrills the riders is coming.
According to GasBuddy.com, the price of gas could drop by an average 16 cents a gallon nationwide in the next week. Prices at the pump have been on the decline for the last few weeks. In fact prices around Houston are about $2 a gallon, the website notes.
“Last week saw a feat most motorists probably thought they’d never see in June- average gasoline prices declined in nearly every state across the country with the national average now at its lowest point since early April,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“The fall has come amidst a deep drop in oil prices set in to play on worries that tariffs could slow economic growth, reducing oil demand.”
(EVs will reach cost parity with gas cars “sooner than people think,” says GM’s Reuss. Click Here for the story.)
Last year at this time, the average price nationally for regular gas at the pump was $2.92 a gallon, according to AAA. However, prices are already below that prices in many areas. For example, in New York the average is $2.75. The price is down despite being a high-demand time of the year.
“The decline at the pump is likely to continue but may slow down in a few couple weeks as President Trump made a deal with Mexico over the weekend to avoid tariffs,” DeHaan noted.
“With gasoline inventories also growing in most areas of the country, the transition to summer gasoline complete, motorists will continue to see prices moving lower as the summer driving season gets underway. We’re likely to see more good news at the pump than bad for the foreseeable future.”
(Click Here for more about GM and Bechtel planning JV to create new EV charging network.)
The White House continued to threaten additional tariffs on China, however, partially offsetting the good news regarding Mexico. U.S. motorists will remain affected by the battle with lower oil prices and gasoline prices as long as there’s no deal, whereas oil and gasoline would likely see a strong rally should a deal eventually emerge.
At pumps, gas prices in most states again saw slight declines. The most common price in the country was $2.59 per gallon, down 20 cents from the week ago level of $2.79 due to hefty gas price drops in the Great Lakes, while $2.49 was the second most common and $2.69 the third most common.
The average price of the top 10% priced stations stood at $3.80 per gallon down from $3.82 a week ago while the bottom 10% priced stations averaged $2.24 and the median U.S. gas price was $2.61.
(To see more about why barely one in six Americans would buy an EV, Click Here.)