Drop in gas prices predicted
- Author: Sidney Guerrero Mar 14, 2017,
Mar 14, 2017, 0:39
USA crude oil production has already topped 9 million barrels daily and is likely to continue up through the rest of the year.
Auglaize County saw the most significant decline, as the average price for a gallon of regular unleaded gas went from $2.24 last week to $2.11 early Monday, a 13-cent drop.
The most common price across the country is $2.199, with the highest 5% of stations charging an average of $3.162 and the lowest 5% of stations charging $1.952.
The five states where prices fell the most were IN (down 12 cents), Kentucky (9 cents), OH (9 cents), MI (8 cents) and IL (6 cents). Domestic production has increased 1.6 percent since the beginning of the year. Ohio's prices dropped 7.4 cents per gallon from the previous week. In Tacoma, Costco and several Arco stations were the lowest listed on the site at $2.63 a gallon. That sent gasoline prices slightly lower, even though fuel prices typically rise in March because of increasing demand and the switch by refineries to more expensive summer-grade gasoline. "The ability of US oil producers to offset OPEC cuts is a wildcard that could benefit motorists by limiting the typical lofty increase in fuel prices".
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In metro Albany, drivers were paying $2.113 Monday, also down a half-penny in a week and seven-tenths of a cent more than February 13.
On the New York Mercantile Exchange Monday, April West Texas intermediate crude oil fell another 9 cents to $48.40 per barrel.
"The oil glut lingers", he said, but should reverse by May. So far, the average has remained steady at about $2.28. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.