Report: Experts predicting sub-$2/gallon gas for parts of US soon Are you an aspiring New or Used Car Buyer looking for your dream car? Visit Cars4sa.co.za Filed under: Etc. Gas prices traditionally take a dive come winter, as demand cools faster than the daily temperature and producers switch to the cheaper winter blend of gas. That, however, doesnt account for the precipitous fall in prices, with 2014s nationwide average $3.69 high point, to last weeks average of just $2.79. In fact, prices are expected to dive even further in the coming weeks. According to Bloomberg, fuel prices in parts of the US could be set to plunge even further than they already have, hitting numbers that havent been seen since the global economy began its slow trudge out of the Great Recession, back in 2009. That could mean gas going for $2 a gallon. In fact, some fueling stations in the south and Midwest are already shilling dino juice for just $2.20 a gallon. We could see the cheapest one percent of stations get within a few pennies of $1.99 over the next two weeks, Patrick DeHaan, an analyst at GasBuddy, told Bloomberg. Well see at least one station in the nation at $2 by Christmas. And thats not really a prediction at all. Thats more like a certainty. Why the big plunge? Well, the usual suspects - winter fuel and falling demand - are being accompanied by OPECs curious decision to maintain its production pace of 30 million barrels per day. Given that OPEC has decided not to cut production and, for all intents and purposes, are entering into a market share war with the rest of the world, $2 a gallon could be in the cards, Andy Lipow, the president of Lipow Oil Associates, told Bloomberg. Provided OPEC continues fighting for market share and ignoring the laws of supply and demand, things should continue being easy going for American consumers at the pump. Experts predicting sub-$2/gallon gas for parts of US soon originally appeared on Autoblog on Mon, 01 Dec 2014 17:01:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments
Posted on: Mon, 01 Dec 2014 22:26:26 +0000