The price of crude oil dropped below $100 per barrel this week for the first time in several months. While it won't have an immediate impact on gas prices in the Bay Area, industry experts say it should in a few weeks.
"I think it's just a matter of time before most stations fall back under the $6 a gallon mark, on average," said Patrick de Haan, the Head of Petroleum Analysis at Gas Buddy."I'm looking for more broad relief here over the next couple of weeks. Prices could go down $0.20 to $0.40 a gallon in the next few weeks, so long as there are no unexpected refining disruptions or major hurricanes." "When prices are going up, stations are behind the curve.
"Stations do deliver the lower prices, but it takes them time to get access to that cheaper price, to sell through their expensive fuel, and to start lowering their prices. So, stations aren't really in a hurry to lower prices because much of this year we've seen a rise in prices, and they've been on the wrong side of things for a good portion of the year," de Haan went on to say.
While de Haan believes gas prices will trend down over the next few weeks, he says it's harder to make a longer term prediction. "For now, we could see another few weeks of declines. But, I'm a little bit worried because the volatility in prices this summer has been really off the charts. One day oil prices plummet, the next day they go up," he said."Where we're going to be in 3-6 weeks is basically impossible to foresee yet, just because of the myriad of factors that are influencing prices right now."$6.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas prices in Houston area and across the nation plummet, saving Americans an estimated $100 millionThe decline is saving Americans an estimated $100 milllion from what they were spending...
Read more »
Bay Area shines red, white, blue for Fourth of JulyOur camera is capturing a fair amount of unsanctioned fireworks going off in Oakland at this hour. These are the types of explosives many fire departments have been warning against using because of the fire danger associated w/ ongoing drought
Read more »
Independence Day inspires marches, rallies for abortion rights across the Bay AreaMany people skipped their Fourth of July traditions and instead, protested for abortion rights at rallies all across the Bay Area.
Read more »
Bay Area crews work to contain multiple fires caused by illegal fireworksJuly 4 was one of the busiest days of the year for Bay Area firefighters. They worked to contain several fires that broke out due to illegal fireworks.
Read more »
Why the San Francisco Bay Area is seeing drizzle and rain in JulyParts of the San Francisco Bay Area saw light drizzle on Tuesday morning.
Read more »