Gas Prices Dropping Across the US, Expected to Keep Falling for 2014
Gas prices are dropping across the U.S. as the price of oil decreases, according to reports. A national survey says that gas prices have dropped 18 cents in the last two weeks.
Gas prices have dropped to a new low of $3.08 per gallon, while mid grade gasoline averages $3.31 and premium, higher-octane gas goes for $3.47. Diesel around the U.S. costs an average of $3.67, industry analyst Trillby Lundberg told the Associated Press Sunday.
Gas prices were 65 cents higher in just May, and 29 cents higher than what they were a year ago. In lay man's terms, that's half a gallon more for every $20 at the pump.
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Some Americans may still feel higher pump prices though, as San Francisco has the highest average price at $3.45 a gallon. Meanwhile those in places like Memphis, Tennessee are benefitting from a low average of $2.73. In Ohio gas is hovering around $3 a gallon but still dropping, according to AAA.
Slashed gas prices mainly have been caused by a sharp drop in the price of crude oil, Lundberg explained. Crude oil was down 1 percent Friday, putting its price at $81.30 a barrel by close on the New York Mercantile Exchange.
An increase in U.S. oil refineries' supplies to make gasoline and lack of very destructive hurricanes this season have also contributed to lower gas prices, AAA told AP.
Gas prices are expected to drop slightly more for the year and then remain low throughout the rest of 2014.
