Gas Prices Expected to Continue to Fall

Gas prices have been dropping over the past few days, and experts expect that trend to continue.

GasBuddy Senior Petroleum Analyst Patrick DeHaan says oil prices are heading down again after shooting up earlier in the month amid worry that supply would not meet demand when BP’s largest unit at its Whiting refinery went down unexpectedly, “Since then, the wholesale price of gasoline has been gradually dropping, cooler heads have prevailed, and now today, word that BP has safely restarted that unit is helping to lead to even lower wholesale gasoline prices, which in the days ahead will translate into lower retail prices.”

And he expects that trend to continue for a while, “Well I think it could be a couple weeks at least. The price of oil’s very low, and if there’s no new refinery issues in the next few weeks, we could see prices drop 20 to 50-cents a gallon by, say, mid-September.”

DeHaan says by this winter, prices could be the lowest we’ve seen in recent years, “Ultimately, GasBuddy’s forecasting that prices by Christmas in many places across the country – in fact some areas in Indiana – will likely see prices under $2 a gallon.”

According to AAA Hoosier Motor Club, Hoosiers on average are paying $2.74 per gallon, a 21-cent drop from last week. That’s the third-biggest decrease nationwide.