Prepare Yourself Future Gas Price Drop Coming to a Pump Near You

no thumb
With oil prices falling to the lowest level in almost a year, a drop in gasoline prices is sure to follow. But economist and customers as well are wondering how big a drop.  The domestic average is believed to be about $3.25 come September, which would be about a 40 cent drop from today’s pump prices.  This week in a government funded survey the average price of gas per gallon was found to be $3.674, which is down from about $3.72 the week before.
Oil market shows that come September deliveries barrels will be less than $82, which is down significantly from 2010 and the lowest retail price in eight months. This forecast marks the third time barrel prices have declined since May of this year.   Last year at this time, the U.S. average was 89.1 cents lower, at $2.783. Lower prices probably will continue in the short run. Demand for gasoline is down 2.2 percent compared with last year at this time according to MasterCard Inc. research. Unfortunately in the longer run, prices are predicted to shoot back up.

Economists feel it is very probably prices could continue to fall into the fall.  Will all this gas talk/ fluctuation going on Apple launched Gas Buddy (free, App Store). It helps users squeeze the most petroleum out of every dollar. There is nothing worse that filling up your tank only to drive a mile or two down the road to find a station selling gas 20+ cents cheaper per gallon. This can be quite common, especially in bordering states. A definitely worthy download to avoid overpaying at the pump.

Are you ready for price relief at the pump?  Would you drive say out of your way to a pump to save pennies? So what will you do with this extra pocket change?

Leave a Response