The national average of gas prices have fallen for the fourth straight week, and may soon fall under $2 per gallon in some areas, according to an analyst from a company that sources real-time fuel prices.
“More impressively is the surprise that may soon hit some motorists: the nation’s cheapest gas prices may soon fall back under $2 per gallon as oil prices have plummeted nearly $14 in the last 8 weeks,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
My9 NJ reported that the national average gas price on Wednesday (June 19) was $2.74, according to AAA. That’s seven cents cheaper than last week, 13 cents less than a month ago and 18 cents cheaper than a year ago, the company said.
Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand,” said Jeanette Casselano, AAA spokeswoman.
Industry analyst Trilby Lundberg of the Lundberg Survey also said that lower crude oil prices contributed to the drop at the pump.
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