News Opinons Politics

Gas Prices Likely To Plummet This Week, Already at or Below $2/Gal. in Some Parts of Country

On Wall Street, there is a panic because tensions between the Saudis and the Russians may result in a glut of oil on the market.

But on main street? There are a lot more smiling people filling up the old F-150 at the pump these days as gasoline prices plummet.

An American Automobile Association survey released Monday showed that the Sunday trough in oil prices was already hitting consumers, with some parts of the county having gasoline that was selling for under $2 per gallon.


“Texas ($2.06) has the cheapest average in the region and the nation. Gas can be found for $2/gallon or less at 24% of gas stations throughout the 11 South and Southeast region states. Oklahoma (51%) and Texas (47%) have the highest percentage of gas stations selling gas for less than $2/gallon,” the AAA report read.

In Florida, where AAA said gas was already selling seven cents less this week than last week, predictions were that even lower prices were coming.


Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
SCOOP: Ethics Complaint Targets Blue State Democrat Who Voted For Her Own Union’s Agenda
WATCH: Biden appears confused about where to exit stage after Democratic gala remarks

See also  Daily on Energy: Hormuz traffic up, Interior cuts public comment, and Chevron powers huge Texas data center

“At the rate fuel prices are falling on the stock market, Florida drivers could easily begin seeing sub-$2 gasoline this week,” AAA spokesman Mark Jenkins said, according to WOFL.

“The only potential upward pressure on pump prices is spring maintenance season. If the state average eventually drops below $2 per gallon, it would be the first time in four years. How long this holds or how low prices go will rely on where stock market prices go from here,” he said.

Commentators said lower prices are the rippled effect of international tensions.

“Everyone, I think, is a little bit shocked at the tactics that have come out of the broken-down talks between OPEC, specifically with Saudi Arabia and Russia,” Sarah McCrary, CEO of fuel prices comparison site GasBuddy, told ABC News.

“Effectively what’s happened is in the wake of softening demand for oil, we had expected that there would be an agreement to lower production, to reduce supply … and we would have a gentle change in the market,” she said. “That did not happen.”

Americans will reap the benefits, according to McCrary.

“We’re going to see much less expensive gas across the nation,” she said. “The largest element in the price per gallon that Americans pay is the cost of the oil that goes into making that gasoline.”


Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
SCOOP: Ethics Complaint Targets Blue State Democrat Who Voted For Her Own Union’s Agenda
WATCH: Biden appears confused about where to exit stage after Democratic gala remarks

See also  Marjorie Taylor Greene follows Tucker Carlson in ditching the ‘America Last’ Republican Party

Whatever the root cause, motorists were sharing their joy, and low prices, on Twitter.

Another analyst said the speed of the price drop was unusual.

“It’s been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20 percent in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have nowhere to go but down and like a rock,” Patrick DeHaan, head of petroleum analysis for GasBuddy, told PennLive.


Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
SCOOP: Ethics Complaint Targets Blue State Democrat Who Voted For Her Own Union’s Agenda
WATCH: Biden appears confused about where to exit stage after Democratic gala remarks

See also  Antifa leaders panic after DOJ pursues conspiracy charges against Minnesota operatives

“Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn’t immediately look like it will get any better. For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros, at a time of year that prices are usually rising, we’ll see anything but that. The national average came into March like a lamb and will likely be leaving as a lion, with prices roaring lower,” he said.

Some said this is just the beginning.

“We are likely heading into an oil price war,” DNB Markets senior oil analyst Helge André Martinsen wrote Monday in a research note, according to USA Today.

Story cited here.

Share this article:
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter