Analyst: Gas prices expected to drop further

gas pump
File Photo. (MGN/WikiCommons)

FORT WAYNE, Ind. (WANE) – Average retail gasoline prices in Fort Wayne have risen 9.1 cents per gallon in the past week, averaging $3.52 a gallon on Sunday, August 31, 2014 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has increased 0.7 cents per gallon in the last week to $3.43 a gallon according to gasoline price website GasBuddy.com which powers wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 18.1 cents per gallon lower than the same day one year ago and are 7.5 cents per gallon higher than a month ago. The national average has decreased 7.1 cents per gallon during the last month and stands 16.1 cents per gallon lower than this day one year ago.

“With the summer driving season behind us, motorists can look forward to a national average for gasoline that soon resumes its decline,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Falling demand and an impending change back to cheaper winter will begin to weigh on current gasoline prices in the next few weeks and by mid-September, much of the nation should see gasoline prices falling once again. Of course, we continue to monitor ever changing geopolitical tensions and hurricane season, but any impact from either should be limited thanks to the drop in demand and shift away from expensive summer blends of gasoline. By October, the national average will likely have declined another 5-10 cents per gallon, and by Halloween, we could see a national average lower than the $3.31 a gallon we saw to start 2014, DeHaan said.

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