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Experts predict that some of the lower priced areas could see prices head north again, but not by any large amount. Some of the higher priced areas like the West Coast still have room to go down, and prices should continue to fall, albeit at a fairly slow rate before flat lining in the coming weeks.
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Despite this drop in the national average, refinery issues have continued to cause West Coast prices to remain at levels well above $4 per gallon. Experts say, however, that the issues have been resolved and prices should drop.
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Most experts predict that prices could get as low as $3.50 per gallon as it is typical for prices to fade by about 10% after the spring peak.
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Analysts see prices increasing in the next few weeks, possibly breaking the record set in July 2008 by the end of April, but don’t believe the rally will continue unless geopolitical events in oil-producing countries, or other events, cause a supply disruption of some kind.
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SOUTH PORTLAND, ME and WASHINGTON - New reports from Wright Express and the U.S. Energy Information Administration say gas prices are likely to fall between $3.50 and $3.75 in early spring.
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BOULDER, CO - The global economic recession has taken a huge toll on medium-duty (MD) and heavy-duty (HD) truck sales in many regions. At the same time, the precipitous rise of oil prices has sent diesel fuel costs to near record highs in many countries.
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PORTLAND, ME – The national average retail price for gasoline has fallen to its lowest point in more than 10 months, to $3.27 per gallon, according to a new report from Wright Express (WEX).
Read More →WASHINGTON – The U.S. Energy Information Administration issued its short-term energy outlook earlier this week, projecting the price of oil, gasoline, and diesel through the end of the year and into next year.
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SOUTH PORTLAND, ME - With weak demand for gasoline, Wright Express said experts expect retail gasoline prices to drop. Diesel prices are likely to rise, though.
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The national average of $3.62 per gallon is almost $1 per gallon more than a year ago.
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