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Gasoline Could Drop Below $3 by the Fall

6/22/2012 10:00:00 AM
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Gasoline could fall below $3 a gallon by the fall, in contrast to predictions earlier this year that it would approach $5, USA Today reported Friday.

Analyst Tom Kloza of the Oil Price Information Service told the paper that the national average price could drop below that level by Halloween or Thanksgiving, largely due to plunging crude oil prices.

Gas prices have fallen more than 40 cents in 11 straight declines, according to the Department of Energy, while diesel prices have fallen for 10 straight weeks.

Oil prices plunged to below $80 a barrel on Thursday — the first time they finished below that level since early October.

DOE will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.

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Diesel Drops 5.2¢ to $3.729 After 10th Consecutive Decline (6/25/2012 2:45:00 AM)
Road Bill Battle Continues as Funding Deadline Nears (6/25/2012 1:15:00 AM)
Oil Closes Below $80 a Barrel for First Time Since October (6/22/2012 8:00:00 AM)
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Diesel Drops 5.2¢ to $3.729 a Gallon; Gasoline Falls Again (6/19/2012 12:00:00 PM)
Diesel Drops 6.5¢, Most Since December (6/18/2012 1:30:00 AM)

Emil Estafanous, CPA, CFF, CGMA