The Van Wert County Courthouse

Tuesday, May. 30, 2023

Gas prices could be sub-$2 a gal. by Nov.

VW independent/submitted information

At a time of year when motorists expect gasoline prices to rise, prices have actually been falling just in time for the Fourth of July, when many will be hitting the road. GasBuddy predicts this Independence Day to be the cheapest since 2005.

This year, the United States experienced the lowest June gasoline prices in over 10 years. GasBuddy predicts the national average will be $2.27 per gallon on the Fourth, down considerably compared to just two years ago, when the national average hit $3.66 per gallon for the holiday.

Gasoline price graphic 8-2012The decline as Americans approach July 4 is not a rarity. Over the past 10 years, the average price of gas through the Fourth of July holiday has declined more often than not.

“The U.S. average price of gas was lower on July 5 than it was the previous week seven out of 10 occasions dating back to 2006,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “This defies the general consensus on Main Street that prices rise ahead of a major travel holiday.”

The good news doesn’t end here. Looking forward to the rest of 2016, GasBuddy projects the return of a sub-$2 per gallon national average as soon as early November. Seasonal trends, such as lower gasoline demand and cheaper winter gasoline, return to the picture.

Gas prices in the South are most likely to spend the most time under $2 this autumn, while the West Coast may be left behind. By Thanksgiving, GasBuddy sees the national average back at $1.99 or less. It should be noted, however, that any unforeseeable major impact to the supply chain, such as hurricanes, could disrupt gasoline prices and lead to a departure from this forecast.

Though prices may be lower, there are still plenty of opportunities to save. In a recent GasBuddy study, it found motorists in many major cities could be overpaying on gas by upwards of $1 per gallon.

POSTED: 06/29/16 at 7:52 am. FILED UNDER: News