Gas prices to drop after summer months

Gas prices to drop after summer months


Here’s some great news if you spend a lot of time on the roads. Triple A predicts the price at the gas pump to fall below $2.00 a gallon this fall. Analysts say the national average is poised to drop to $2.40 by fall. The price drop is mostly due to the falling price of crude oil.

The national gas price average is already 15-cents cheaper than just five weeks ago. The drop-off in gasoline demand after Labor Day and the move to winter-blend gasoline will help motorists save money. Triple A forecasts crude prices to range between $50 and $60 a barrel this fall. Hurricane season though could cause dropping gasoline prices to shoot back up.

The National Oceanic and Atmospheric Administration predicted that 2019′s Atlantic hurricane season is expected to be above normal, with 10 to 17 named storms, including five to nine hurricanes. The threat of a hurricane making landfall can shutter domestic crude production leading to spikes in crude and gasoline prices.

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