Plunging gas prices likely to continue for a couple of weeks, analyst says
Gasoline prices are continuing to fall, with the average price in Pittsburgh down 6.9 cents in the past week to $2.51 per gallon, according to GasBuddy’s survey of 731 stations.
The price is 25.2 cents per gallon lower than a month ago, and 24.6 cents per gallon lower than a year ago.
Nationally, the average has come down another 6.6 cents per gallon to an average of $2.25. That’s 21.3 cents less from a month ago, and 23.8 cents lower than a year ago.
“As the national average price of gasoline continues to test multi-year lows, U.S. motorists are keeping over $250 million in their pocket every single day versus 80 days ago,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The plunge has seen sub-$2 gas prices show up at over a third of all gas stations in the country while 11 states have seen average prices dip under the $2 level. The most common price at gas stations in the U.S. is now $1.99 per gallon while the second most common price is just $1.89.
“With the plunge perhaps continuing for another couple weeks, many motorists have been asking how long this trend will continue into 2019,” DeHaan said. “The answer is that it’s complicated but possible summer gas prices won’t be anywhere near this low.”
GasBuddy will release its 2019 fuel price outlook on Wednesday.
Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, [email protected] or via Twitter @BCRittmeyer.