Analyst: Gas prices likely to drop another 10 to 25 cents

(AP Photo/Wilfredo Lee)
(AP Photo/Wilfredo Lee)

CHICAGO (WANE)  The national average for a gallon of regular unleaded has dropped below $3.60 for the first time since early April according to GasBuddy.com and prices could continue to fall across the country.  Prices have fallen for 18 consecutive days which is the longest streak since a period between April 4, 2013 and April 19, 2013.

“West Texas Intermediate crude, the benchmark for the U.S., traded below $100 per barrel today for the first time since April, reflecting a slow but steady decline in recent weeks,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Over the same period, we’ve seen wholesale crude prices across the country slip dramatically. West Coast wholesale prices have fallen by more than 35 cents per gallon since the beginning of the month, and across the rest of the country wholesale prices have fallen by 15 to 20 cents per gallon.”

“We’re confident that in coming weeks we’ll see retail prices catch up to the wholesale losses. West Coast consumers will likely see their retail prices slide from 15 to 25 cents per gallon over the next two weeks, and across the rest of the country we can expect prices at the pump to shed from 10 to 20 cents per gallon,” DeHaan said.

 

 

 

 

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