Here’s some good news for drivers in the United States: Gasoline could fall below $2 a gallon for many Americans later this year.
Retail gas prices have been
Wholesale prices are falling even faster, suggesting that prices at the pump should continue to fall.
“Pretty much every portion of the country should see drops between now and the end of next week,” said Tom Kloza, head of energy analysis for the Oil Price Information Service.
Most of the decline is because of falling
Gasoline prices have fallen fastest in parts of the country where
“[Gas prices] should continue to fall as we move through the summer,” said Kloza. “There’s a high probability we’ll be paying less than $2.50 in the next few months.”
The national average price will probably decline even more — perhaps to $2.25 a gallon according to Kloza — later in the year. Once the summer driving season ends, demand for gas falls, pushing down prices. So does a switch away from the more expensive blend of gasoline required in the summer months to control smog.
A national average of $2.25 a gallon would probably mean that nearly half the nation’s gas stations will be selling regular gas for less than $2 a gallon, Kloza said.