WEX Monthly PPG Average Report for November 2014
|Los Angeles, CA||$3.24||$3.72|
|New Orleans, LA||$2.71||$3.39|
|New York, NY||$3.39||$4.12|
|San Francisco, CA||$3.38||$4.02|
|St. Louis, MO||$2.68||$3.52|
|National Average (US)||$2.89||$3.61
Prices for Retail Gasoline Plummet with More Downward Expectations
The national retail gasoline average has fallen to $2.75 per gallon, its lowest level since late 2010. It has dropped nearly 25 cents per gallon in the past 30 days and is down more than 50 cents per gallon compared to last year.
While there have been no impactful storms and it is typical for prices to decline in the autumn months, this year is proving to be exceptional. Much of the drop is due to lower crude prices which have fallen from a yearly high of almost $110 per barrel to under $70 per barrel. Crude supplies are strong since OPEC nations have not cut production and non-OPEC regions increase their supplies. Some analysts suggest a price war could bloom but others believe prices are likely to bottom in the next few weeks.
Most experts anticipate continued drops in prices for the remainder of the year. The national average target most forecasters anticipate is about $2.50 per gallon while some states will see stations with prices below $2.00 per gallon within the next 10 to 15 days.
Meantime, diesel prices are nearing $3.50 per gallon, 30 cents per gallon lower than last year. Diesel drivers should see continued drops in prices as well, but not as much as retail gasoline due to heating oil season and predictions of a very cold winter.