Tuesday, September 6, 2016

End-of-Summer Gas Savings

If you went driving over this past Labor Day weekend, you may have noticed that gas prices are still at very low levels historically. The U.S. national average for a gallon of gasoline ended the summer driving season at about $2.24, which means that drivers enjoyed the cheapest summer at the pump since 2004.

And the price could be falling even further. With the summer driving season ending, gasoline demand may drop by around 400,000 barrels a day after Monday, according to the Oil Price Information Service. That will help send prices even lower. 

That same research firm said that the first 10 days of September should see average U.S. gasoline prices drop by five or ten cents a gallon. We could be back to $2 a gallon by Halloween.

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