The summer surge in gas prices is ending.GasBuddy.com’s Patrick DeHaan writes today that the country’s seasonal gas price decline is imminent.
The national average so far today is already down over a penny a gallon, and we could easily see the national average drop to the $3.60s in the next week, with it dropping even further after that.
Peak consumption season for gasoline is nearing its end, making gasoline more bearish than bullish, and that money is heading into other areas, such as distillates- diesel and heating oil. So while gasoline prices may fall, it may mean diesel and heating oil prices remain at their current levels or even higher.
GasBuddy ticks today’s average at $3.756.
The Midwest has already seen prices drop to their lowest levels since February:
- Michigan’s average is $3.68, down from $3.99 a month ago
- Ohio’s average is $3.55, down from $3.85 a month go
- Pennsylvania’s average is $3.85, down from $3.95 a month ago
Even California’s prices have fallen nearly 10 cents from last week’s record highs.
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