Pump Prices Could Drop 25 Cents by August
Gasoline prices could fall up to 25 cents a gallon in parts of the U.S. within the next two weeks, thanks to slumping crude oil prices, weakening demand and robust supplies.
Now averaging $3.64 a gallon – vs $3.48 last July – prices could soon drop to $3.50, with some Southern states falling below $3, says Patrick DeHaan, senior petroleum analyst for price tracker gasbuddy.com.
Crude oil prices are down again Wednesday (July 9), with benchmark West Texas crude off$$1.22 to $102.18 a barrel and Brent crude off 67 cents to $108.27 – a ninth straight daily drop.
“The tipping points were cooling tensions in Iraq and Hurricane Arthur come and being no big deal,” says DeHaan. “Oil bulls had no where to go, and oil prices are higher than they should be and unjustified at this level.”
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