Gasoline price drops, set to accelerate.
Gasoline prices have dropped nearly 15 cents per gallon in the last 30 days. The national average is $2.65 per gallon, 86 cents per gallon less than what it was last year. Already a handful of stations in the Ohio area are priced below $2.00 per gallon. Analysts expect thousands more to cross that threshold in the coming months. Six states have averages over $3.00 per gallon on the West Coast, while sixteen states have averages below $2.50 per gallon.
Crude prices have dropped to $45 per barrel and with Iran ready to ship product and Saudi Arabia not making any cutbacks, that cost is predicted to decline further. Some experts believe that gasoline prices will fall to levels not seen since 2009. One market-watcher said to expect the national average to be well below $2.00 per gallon before the year is out.
Meantime, Diesel prices are averaging $2.72—more than $1.10 per gallon below last year. Diesel prices will likely follow the trend and continue to decline, even with heating oil season on the horizon.
|WEX Monthly PPG Average Report for July 2015|
|Los Angeles, CA||$4.10||$3.14|
|New Orleans, LA||$2.50||$2.65|
|New York, NY||$3.12||$3.62|
|San Francisco, CA||$3.64||$3.43|
|St. Louis, MO||$2.61||$2.47|
|National Average (US)||$2.73||$2.76|