Gas prices could fall below $2 a gallon

State News

Gasoline could fall below $2 a gallon for many Americans later this year, according to CNN.

Nearly every state’s gas price average is cheaper than a week ago, a month ago and a year ago, according to AAA Ohio.

The national average currently stands at $2.69 a gallon for regular gas, according to AAA, down 20 cents from the 2019 high in early May and 10 cents from just last week.

“Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand,” said Jeanette Casselano, AAA spokesperson. “The national average is poised to fall to at least $2.70 this week – an indication that pump prices may be even cheaper this summer.”

Wholesale prices are falling even faster, suggesting that prices at the pump should continue to fall.

“Pretty much every portion of the country should see drops between now and the end of next week,” said Tom Kloza, head of energy analysis for the Oil Price Information Service.

Gasoline prices have fallen fastest in parts of the country where $4 gas was the norm at the end of last month. In California, which still has the highest average price at $3.86 a gallon, prices have fallen by 23 cents. And wholesale prices in the West are falling even faster than elsewhere in the country as refineries there that had been shut come back online, according to CNN.

“[Gas prices] should continue to fall as we move through the summer,” said Kloza. “There’s a high probability we’ll be paying less than $2.50 in the next few months.”

  • According to AAA Ohio, the nation’s top 10 largest weekly decreases are: Ohio (-21 cents), Indiana (-17 cents), Michigan (-15 cents), Illinois (-11 cents), Kentucky (-10 cents), Oklahoma (-9 cents), Maine (-8 cents), Wisconsin (-8 cents), Nebraska (-8 cents) and South Carolina (-7 cents).

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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