Gas Prices Expected to Drop 35 Cents in Upcoming Months
The stock market plummeted last week as uncertainty and fear about the economy in the US and Europe spread like wildfire. Another recession, investors feared, could be right around the corner.
Yes, the stock market plunge was disconcerting and downright scary, but there is some good news. Many analysts are expecting gas prices to drop over the next few months. That’s because the same fears that forced a sell-off on Wall Street also brought down the price of oil.
Gas prices usually fall in late summer as families take fewer road trips. But the recent drop in oil should reduce gas prices even further. Experts are predicting the national average of $3.70 per gallon could fall as much as 35 cents per gallon over the next month. US drivers consume about 378 million gallons of gas every day, so a 35-cent-per-gallon fall would reduce daily total US gas spending by about $132.3 million.
“They’ll see a penny or two drop per day next week,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.com, a consumer Web site that tracks retail gasoline prices around the country. DeHaan said the decline will likely start at stations along highways and other busy areas. Those stations need to replenish their storage tanks every day or so, and they’ll get the cheaper gasoline faster than others.