Decline in US Gas Prices May Go On, But for How Long?
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iStock/Thinkstock(NEW YORK) — Another drop in gas prices is expected when The Energy Department releases its latest weekly report Monday afternoon, but how long will the decline last?
Several surveys say the average price of regular gas is at or below $3 in most states, mostly due to falling crude oil prices and typical seasonal declines.
Pump prices are now at their lowest in nearly four years, according to GasBuddy.com.
Patrick DeHaan, senior petroleum analyst at GasBuddy, says it’s hard to tell which way prices will go from here. On one hand, he says, “oil prices have halted their decline in the last week,” which could mean drivers will only see gas prices drop only another few cents. “But if oil prices can drop to $78 or less, we could see the national average decline for several more weeks,” he says.
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