Don’t fill up the gas tank – ‘shocking’ fall in oil prices signals pump savings in time for Thanksgiving
If you can hold off getting gasoline, do it, an analyst says.
GasBuddy issued an alert on Tuesday, recommending that motorists hold off on filling their tanks for now because of the large, 7 percent single-day drop in the price of crude oil. It extended the record streak of 12 days that oil has moved lower.
“Today’s market plunge was astounding and a dramatic turnaround in market psyche in the last month. A 26% drop in the price of oil is absolutely shocking given the environment and concern ahead of the Iran sanctions that the oil market was not supplied with enough oil,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
“Motorists need not be in a hurry to fill their tanks,” he said. “Today’s sell-off will extend and accelerate the declines seen at the pump, just in time for Thanksgiving. The best tip I can suggest is to shop around for the lowest prices as some stations will pass on the savings faster than others.”
The national average had already come down 24 cents per gallon in the last month, with some states seeing even bigger declines — Michigan is down 33 cents, while Delaware, Iowa, Indiana and Kentucky are all down 32 cents on average versus a month ago, according to GasBuddy.
GasBuddy says that Tuesday’s drop in oil prices will extend the decline in gas prices for several more weeks in nearly all states. Most states could see a decline of 5-to-15 cents per gallon ahead of Thanksgiving, with more to come.
Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, [email protected] or via Twitter @BCRittmeyer.