Gas prices are about to hit a new low - Insane Visions

Gas prices are about to hit a new low

gas prices

Nowadays, it’s cheaper than ever to drive your car around, since gas prices are continuously falling over the United States, at an average day of half cent a day. This comes as a surprise though, considering oil price increases from last week.

According to News4jax, curde oil price rose more than $3 last week, but this didn’t affected gas prices in a negative way, as pump prices have fallen 25 out of the past 30 days. Currently, the price for a gallon of regular unleaded gas is $1.80 nationwide, varying from $1.61 in Tennessee, $1.73 in Georgia or $1.83 in Florida.

Prices should increase in the next weeks, analysts say

“Motorists enjoyed the lowest gas prices for the month of January since 2009, largely due to crude oil supply outpacing demand,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “Retail averages should remain relatively low this year, barring any disruptions in supply. However, prices will likely begin to rise in February.”

Still, this period won’t last for more, as the same Mark Jenkins expect to see gas prices increasing later this month, but it won’t have a major impact on the 2016 average. Analysts claim that this year will have the lowest average in more than a decade, considering the current rhythm.

Some states might be able to get a gallon for less than $1.6

“For now, due to a lag time from rising oil prices, gasoline prices in many areas continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher,” said Patrick DeHaan, a GasBuddy petroleum analyst.

Over the past five years, gas prices usually rose in February, with an average of 29 cents nationwide. Back in 2015, the average in the United States was $2.23, meaning that in one year, almost half a dollar was cut from the price of a gallon.

Andrei

A finance and tech news journalist with a passion for entrepreneurship and business. Feel free to message me on Twitter and Facebook.