Gas Prices to Drop Even Further?

December 23, 2015

According to writer CNBC Krysia Lenzo, there’s a really good chance that gas prices are going to drop even further before year’s end and into January. That being the case, there hasn’t been a better time to stock up if you also happen to have a reliable way to keep your gas fresh for years.

 

Thanks to a global supply glut that has sent oil prices tumbling, average U.S. gasoline prices could drop to $2 a gallon by this weekend.

"We are looking at a likelihood of a $1.79 to $1.99 gallon winter bottom for unleaded regular. That is the launch pad from which we will take off in the late first or early second quarter," said Tom Kloza, co-founder and global head of energy analysis at the Oil Price Information Service.

Although it is likely that U.S. oil prices are approaching their bottom, it may still take two to three weeks before consumers feel the full effect of declining prices. There is a correlation between oil and gas prices, but what consumers pay at the pump depends on refinery and distribution costs, federal taxes, corporate profits and their location. The cheapest gasoline is found in states with larger supplies of gasoline and lower state taxes such as South Carolina, Alabama and Arkansas. Continue Reading

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