Gas Prices Under $3 Gallon Coming Soon?
Sacramento, - Average retail gasoline prices in Sacramento have fallen 3.4 cents per gallon in the past week, averaging $3.79/g yesterday, according to GasBuddy's daily survey of 720 gas outlets in Sacramento. This compares with the national average that has fallen 2.0 cents per gallon in the last week to $3.45/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Sacramento during the past week, prices yesterday were 8.7 cents per gallon higher than the same day one year ago and are 16.3 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.
GasBuddy operates SactoGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 25 million times to help motorists find the lowest gasoline prices in their area.
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