Gas prices have been decreasing over the last month as the peak summer driving season comes to an end. More declines are expected.
The average retail price for a gallon of regular unleaded gasoline in the US is $3.49, 11 cents less than 30 days ago, and 79 cents more expensive than one year ago, according to the AAA Fuel Gauge Report. After increasing for 14 consecutive days from August 23-September 5 — amid refinery issues, hurricane concerns, and constrained supply due to the changeover from summer- to winter-blend gasoline — the price of gas has been on the decline.
Gas prices are expected to decline even further this week due to lagging fuel demand and no immediate plan to stimulate U.S. and European economies. Patrick DeHaan, senior petroleum analyst for GasBuddy.com says the decline in crude oil and gasoline futures is resulting in the drop at the pump. As economic concerns and talk of a double dip recession persist, oil prices have been decreasing. The fear is that if the economy slips, so will the demand for fuel.
Gas prices fell as crude oil closed Friday at $79.85 a barrel on the New York Mercantile Exchange. It is the first time since Aug. 9 that oil prices settled below $80 a barrel.
Meanwhile, diesel prices have remained fairly steady. The current average retail price for a gallon of diesel gas is $3.85, 2 cents less than 30 days ago.
If you or your business has been affected by this year’s high gas prices, you may want to consider investing in a GPS fleet tracking system. Fleet GPS is a feature-rich navigation system that is uniquely positioned to help improve the efficiency of our cars in ways that reduce fuel consumption and improve sustainability for all. A GPS fleet tracking system can help you save time, money and and reduce fuel costs.