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 Gauge.
“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.