Gas Prices Low and Going Lower

Gas Prices

The drop in gas prices in the Stateline area and across the nation has come faster and dropped lower than anyone had projected. reports that average retail gasoline prices in Rockford have fallen 6.4 cents per gallon in the past week to $1.89/gallon.  GasBuddy says they’ve dropped a whopping 42 cents in just the past month, far more than the 18.5 cent drop per gallon nationwide.

Nationally, the average was flat at $2.03/gallon, but GasBuddy projects they too will drop.

“The next 24 hours will likely see the national average drop to a new six-plus year low. The U.S. average needs to fall just seven-tenths of a penny from its current $2.032 per gallon (to $2.025/gal.) to be the lowest since March 25, 2009,” said Patrick DeHaan, GasBuddy senior petroleum analyst in a news release.

“As for the outcome of OPEC’s meeting late last week: OPEC is going to wait for production to resume from Iran before looking at oil production quotas again next year. While we wait and see what that next meeting might bring, high oil production will likely continue to boost already record high oil inventories, keeping gasoline prices somewhat subdued. The national average has once again resumed falling after Turkey’s downing of a Russian fighter jet caused a brief hiatus, but with prices moving lower, a $1.99 national average gasoline price could be something we witness this week,” he added.

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