Gas prices continue to trickle downward

GAITHERSBURG, Md., Oct. 26, 2015 — Gasoline prices in eight states are averaging $1.99 or less and the overall trend across the country reflects a resumption of the consistent decline September delivered before refinery maintenance and crude volatility interrupted it.

“The market fundamentals appear to be moving favorably for U.S. motorists; pushing the benchmark West Texas Intermediate crude lower, as it starts the week at $44.53 bbl,” said Gregg Laskoski, senior petroleum analyst for GasBuddy which provides the data for wane.com’s Gas GaugeTopTen-List.

“The International Energy Agency reported earlier that global demand is projected to decline in 2016 and the apparent weakness in China and the U.S. economy drive two-thirds of projected demand. At the same time, gasoline supply is expected to return to robust levels in the U.S. and not surprisingly, the national average, $2.19 a gallon has declined by 6 cents per gallon in just the past week.”

The states averaging below $2 Monday include: SC; MS; AL; NJ; LA; TX; TN and VA. At the same time, not one metro market in the U.S., not even Los Angeles, is averaging above $3 today. Los Angeles has an average price today at $2.94 versus $3.42 a year ago; Chicago’s average is $2.52 today versus $3.29 a year ago; and New York stands at $2.43 today versus $3.42 last year.

 

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