Sticker shock at the pump
Celebrate, drivers. The U.S. average price of gasoline will likely fall below $2 per gallon this week for the first time in nearly six years, according to the outlook of GasBuddy.com.
“Right now, there are more stations reporting prices under $2.00 than there are reporting prices above $2.25,” said Gregg Laskoski, a senior petroleum analyst with GasBuddy.
The current average is now $1.24 lower than the average price Americans paid a year ago—and the savings are massive. Crude’s spiral is projected to save drivers $750 on average this year, notes the release from GasBuddy.
Motorists all over the nation could expect to see prices as low as $1.95 in the weeks ahead, according to Patrick DeHaan, senior petroleum analyst with GasBuddy, residents in Michigan have the most to celebrate. They’re paying on average $1.36 lower than what they paid a year ago today.
“The current trend maintains the consistent rate of decline we’re monitored for the past several months,” DeHaan said in a GasBuddy release. “When you couple that with the fuel fundamentals reported by the Energy Information Administration, it’s a certainty we’ll see the national average price of gas move below $2, probably within the next 48 to 72 hours.”
Unfortunately, GasBuddy doesn’t expect the average price of gasoline to remain below $2 for very long. Its Fuel Price Outlook for 2015 it pegs the average annual price for the year at $2.642, with prices peaking above $3 in May and June based on seasonal tendencies.
Click through for GasBuddy’s 2015 quarterly price projections.