Gas Prices Are Still Dropping With No Signs Of Stopping.

[carmigo]

Gas prices have been reliably falling month over month since this summer’s record highs. Last week, 22 states had an average gas price under $3.00. Texas led the way with an average gas price of $2.70.

Demand Is Still Lower than Last Year
Current gas demand in the US is still 300,000 barrels per day lower than this time last year. And that’s even after demand grew from 8.26 million to 8.71 million barrels per day in mid-December.
Even with upticks in demand, gas supply in the US grew by more than 2.5 million barrels.

Prices Should Continue Falling in New Year
Here’s what AAA spokesperson Andrew Gross had to say about the ongoing fall in prices.
“The cost of oil, gasoline’s main ingredient, has been hovering in the low-to-mid $70s per barrel, and that’s $50 less than the peak last Spring. Combined with low seasonal demand, gas prices could slide a bit more before leveling off.”
If supply continues to outpace demand and demand remains lower through the winter, these declining prices will likely continue.

How Does This Impact Car Prices?
Filling up a tank of gas is a minuscule expense compared with purchasing a new car. But the two prices will always be inextricably tied.
As gas prices rise, we see buyers favor fuel-efficient cars. That means buyers are buying fewer non-work trucks, performance cars, and large SUVs.
Prices go so high this summer that we were seeing people giving up gas altogether, choosing to make the switch to an EV or give public transit a try.
But now that gas prices have fallen for a prolonged period of time, we see a large uptick in the quantity and prices of the less fuel-efficient cars on our marketplace.
So if you’ve been thinking about selling a gas guzzler, do it before gas prices go back up in the spring.

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[Camaroboi13]

Too bad diesel isn’t dropping as fast as it should be.

 

[carmigo]

Too bad diesel isn’t dropping as fast as it should be.

You're so right fingers crossed they might soon.

 

[Casique]

Its going back up here in North VA. My station had 87 Octane at $2.85, today it back up $3.25.

 

[Dennis K]

Now if it drops to 50 cents a gallon for two years, we might be even...

 

[Jefe1018]

Diesel can be anywhere between $1-$1.50 more a gallon depending on the fueling station in my parts. Hopefully it gets back under $4, my last fill up was $4.85 and the highest was $6.08 back a few months ago.

 

[TigerInFL]

going back up the past 10 days or so

 

[Lunentucker]

Yeah. Prices are going up everywhere now. Not a timely post.

 

[jeepers29]

Not sure where op is, but here in central Texas, prices have gone up .50$ a gallon in the last week with no ceiling in sight. Let's not even get started on food prices, which go up daily.

 

[Rusty PW]

On the news. They are talking that gas will be over $4.00 again by summer.

 

[Wheelin98TJ]

Diesel can be anywhere between $1-$1.50 more a gallon depending on the fueling station in my parts. Hopefully it gets back under $4, my last fill up was $4.85 and the highest was $6.08 back a few months ago.

$3.99 diesel in SE Michigan.

 

[robinja]

Gas prices have been reliably falling month over month…..

Not for long… most analysts predict a spike back to $4 around May… we will see…

 

[DCPHOENIX]

Erm. No? We were at $2.25 last week. Just hit $2.85 again

 

[Jglad15]

In MD we were down to 2.99 and now back at 3.39. A lil late for this post…

 

[AZCooWhip]

Remind me when we get back to what we were a few years back.

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