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Despite a ninth consecutive week of falling gasoline prices in the United States, the streak of declines could soon see its end as wholesale gasoline prices have rebounded in recent days, fuel-savings app GasBuddy said on Monday.
The national average gasoline price in America fell for a ninth week in a row last week, by 9.9 cents from a week ago to $3.92 per gallon as of Monday, according to GasBuddy data from gas stations nationwide.
On a national average, gasoline prices are now down by 63.7 cents compared to a month ago, but they are still 74.8 cents higher than a year ago.
Last week, the average U.S. gasoline price dropped to below $4 per gallon for the first time since early March this year, as supply has risen and concerns about the economy have grown, GasBuddy estimated.
“For the ninth week straight, gas prices have continued to fall, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the new analysis today.
“That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes,” De Haan added.
The national average could tick higher this week “as the better than expected jobs report last week likely means less demand destruction than anticipated,” the analyst wrote.
However, oil prices were crashing by 5% early on Monday amid heightened concerns about slowing economic growth in China. According to De Haan, if the trend of falling oil prices holds, declines in U.S. gasoline prices could continue.
“With oil down considerably this morning, there remains a possibility the trend could continue this week,” De Haan tweeted on Monday. By
Michael Kern for Oilprice.com
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Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com,