Americans are enjoying the lowest summer gas prices in 12 years. Here's what analysts predict for the coming months.
It’s been eight years since Americans were coughing up $4.11 a gallon to fill up their gas tank. Fast forward to today and we’re paying about $2.17 per gallon for unleaded gasoline — the cheapest summer gas prices we’ve had since 2004, but industry experts say those already low prices could dip even further.
Jana L. Tidwell, manager of public and government affairs for AAA Mid-Atlantic, told the Middletown Transcript that the low prices are the result of a gas glut in the United States and the continued drop in the cost of crude oil on a global scale.
“Gas prices have once again dropped below $2 per gallon in many parts of the country including here in the mid-Atlantic,” Tidwell said. “Lower gas prices are a bonus for drivers any time of the year and even more so for those planning a summer road trip this season.
Just a year ago, we were paying $2.73 a gallon on average to fill up our gas tanks. The $2.17 a gallon average today is actually 4 cents less than we were paying for gas just last week.
According to CNN Money, the United States has about 241 million barrels of gasoline in storage right now. That’s the most the country has ever had in storage during the summer months since the government first started tracking the data in 1990.
“In fact, the only other times that gasoline stockpiles were this lofty were in the dead of winter, in early 2015 and early 2016, when Americans drive far less,” says CNN Money.
Tom Kloza, global head of energy analysis at the Oil Price Information Service, told CNN Money that he expects gas prices to continue to fall to less than $2 per gallon across the United States.
“We’re going to have a chapter of very, very cheap fuel,” Kloza said.
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