Gas to Fall Below $3 a Gallon Soon?


0  Updated at 7:47 am, October 25th, 2012 By: ABC Digital
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Jupiterimages/Thinkstock(NEW YORK) — If you plan to hit the road for a long drive to see relatives over Thanksgiving, expect a little budgeting help from falling gas prices.

In some parts of the U.S., prices have dropped as much as 50 cents a gallon in recent weeks, and the trend isn’t over.

“Definitely gas prices are already falling and they’re going to continue to fall through the end of the year,” analyst Ben Brockwell with the Oil Price Information Service tells ABC News Radio.  “The U.S. average which was $3.80 just a few weeks ago is on track to go to below $3.50 here shortly.”

The trend is getting some help from the drop in the global price of oil and concerns about global economic weakness. The Midwest and Plains states may see the most price relief, to perhaps under $3 a gallon, Brockwell added. In some states on both coasts, however, a refinery shortage keeps gas prices well above the national average.

Light sweet crude has fallen to $86 a barrel — a 15 percent drop in recent weeks. 

Copyright 2012 ABC News Radio

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