Gas prices to drop by average of 25 cents this fall
U.S. motorists will see gas prices drop by an average of about 25-cents/gallon this fall compared to the summer, reported the American Automobile Association (AAA).
The national average for gas will drop to $2.40 per gallon or lower this fall, according to AAA. This is due to a variety of factors including less expensive crude oil prices, the drop-off in gasoline demand after Labor Day, and the move to winter-blend gasoline. Prices are already 15 cents lower, on average, than they were back in July.
“AAA predicts that fall gasoline prices will be significantly less expensive than this summer with motorists finding savings in every market across the country,” Jeanette Casselano, AAA spokesperson, said. “Many factors are driving this decrease, but the low price of crude oil is chief among them.”
Crude prices will range between $50 and $60 per barrel this fall, down sharply from last fall when the range was $60 and $75, according to AAA. The drop is because total domestic crude inventories sit at 438.9 million bbl, which is 31.5 million bbl higher than last fall. AAA officials note that the one wildcard is hurricane season, as a major storm could cause declining gas prices to go up. Hurricane Harvey, which hit in 2017, caused the national gas price average to jump 30-cents. The National Oceanic and Atmospheric Administration predicted that 2019 could produce five to nine hurricanes.
Also, AAA provided motorists some tips to keep gas prices even lower. For starters, they recommend routine maintenance, such as keeping tires properly inflated, moving components adequately lubricated, and ignition and emission systems in good operating condition.
Drivers can find current gas prices in their area by downloading the AAA Mobile app or by going to www.AAA.com/mobile.
