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Gas prices expected to drop

Gas prices expected to drop
Gas was $3.27/g in Cedar Springs at press time Wednesday. Post photo by J. Reed.

Gas was $3.27/g in Cedar Springs at press time Wednesday. Post photo by J. Reed.

Gas prices have been dropping, and according to GasBuddy.com, we should see gas prices decline even further as we approach fall and winter.

According to GasBuddy’s daily survey of 246 gas outlets in Grand Rapids, the average retail gasoline prices in Grand Rapids have fallen 18.5 cents per gallon in the past week, averaging $3.42/g on Sunday, August 18. (They were $3.37/g here in Cedar Springs.) This compares with the national average that has fallen 2.0 cents per gallon in the last week to $3.45/g.

Including the change in gas prices in Grand Rapids during the past week, prices Sunday were 15.2 cents per gallon lower than the same day one year ago and are 13.5 cents per gallon lower than a month ago. The national average has decreased 13.2 cents per gallon during the last month and stands 8.5 cents per gallon lower than this day one year ago.

“The national average has now dropped to its lowest level since February, and with the end of the summer driving season nearing, we’ll likely see gas prices continuing the downward trend,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Oil prices last week dropped to $95/bbl briefly before rising the next day back to $97/bbl, but the important factor is that prices remain under triple digits. For motorists, we’re nearing the point that gasoline demand drops—after Labor Day—and also the upcoming switch back to cheaper winter gasoline will also put downward pressure on prices in mid-September. While a short-term increase in gasoline prices is never out of the question, as we grow nearer to September, the likelihood of a spike decreases. It won’t be long before we’ll start to see a few cities seeing averages under $3/gal. Areas of Tennessee and South Carolina are already getting close,” DeHaan said.

 

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