November WEX Fuel Index

Gasoline Prices Dropping to Lowest Level Since March 2009

The national average is $2.03 per gallon at press time and heading to its lowest level since March of 2009 when the financial collapse brought down not only gas prices, but also the stock market. Experts are predicting fleet fuel prices to fade even further by 10 to 15 cents per gallon through the remainder of the year.

A glut of crude oil has hammered prices which have impacted what people are paying at the pump. Market-watchers caution that it is very likely crude prices and gasoline prices will diverge in 2016. Crude prices are likely to remain at around $40 per barrel, but gas prices are likely to scream higher once the annual switch to the summer spec begins in March.

Forecasters say prices should peak in the spring of 2016 at around $3.00 nationally.

In addition to the EPA mandated switch over to summer fuel, several refineries will be down for planned maintenance ahead of the busy summer demand season and a lot of financial money is predicted to be long gasoline. This will certainly drive prices northward.

Meantime, diesel prices are down about 10 cents to $2.39 per gallon. Diesel prices are likely to remain steady for the next several weeks.