Good News: Gas Prices At The Pump Might Continue To Drop In The Near Future | Carscoops carscoops
aren’t just going down but they might fall considerably further in the near future. As Labor Day marks the end of the traditional driving season the nation has seen a dramatic dip in fuel prices already. Here’s what to look out for in the coming weeks and months.
Back in June, the national average fuel price was $5.02 per gallon. That number has been declining for more than two months though and is reporting that it expects the trend to continue. As of Monday, the average price at the pump across the country was $3.79 per gallon.head of petroleum analysis, says that the decline “is going to keep going for now.” He even believes that much lower prices are within reach. “I’m hopeful we can get to $3.49 between Halloween and Thanksgiving… I still think we could see some states drop under $3, primarily Oklahoma, Texas by the end of the year, if not earlier,” he said.
The drop in fuel prices could have the opposite effect on some used-vehicle pricing. Earlier in the year as gas prices spiked large SUVs and trucks in the used market saw a cooling off with regard to value. The rest of the used car market has continued to flourish so only time will tell whether or not less fuel-efficient vehicles see a value bump.
At the same time, it’s plausible that this break from expensive fuel is only temporary. A surprise price increase in oil or a natural disaster, such as a hurricane in the Gulf Coast, could result in much higher gas prices. For now, consumers can enjoy the lower prices while we await whatever the future has to bring.
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