Dollars & Sense: Could Gas Prices Fall Below $3?
The chances of gas prices falling below the $3 mark anytime in the near future might seem unlikely, but analysts say that it could come close. Fuel costs, already dropping, are expected to continue to do so for the rest of the year.
Certain parts of the country have recently experienced as much as a 50-cent drop in fuel prices, and they are expected to fall even further. “Definitely gas prices are already falling, and they’re going to continue to fall through the end of the year,” said analyst Ben Brockwell with the Oil Price Information Service. “The U.S. average, which was $3.80 just a few weeks ago, is on track to go to below $3.50 here shortly.”
Concerns over sluggish worldwide economic growth seem to be causing the price drop. And with this fall in the price of oil, Brockwell says that some of the Midwest and Plains states may even see gas prices drop to below $3 per gallon.
Only time will tell, but with light sweet crude dropping 15 percent (now at $86 per barrel) over the last few weeks, the relief appears to be certain.