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Offshore Oil And Gas Is Back, Baby

Offshore Oil And Gas Is Back, Baby

Despite calls to reduce oil…

Monday’s Oil Rally Threatens Slump At The Pump

Gasoline prices dipped for the fifth straight week, according to a new note from GasBuddy, with the most common gas price found in the United States falling to $3.99 per gallon.

Meanwhile, WTI has resumed its climb, threatening to slow falling prices at the pump.

The national average for a gallon of regular gasoline fell to $4.51 today, according to GasBuddy data, which surveys over 11 million price reports from 150,000 gas stations across the United States.

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 “We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years. This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August,” BadBuddy head Patrick De Haan said, adding that the United States has seen 34 days of continual price drops.

There are now 25,000 stations across the U.S. “back at $3.99 per gallon or less, and thousands more stations will join this week. In addition, we will see several states fall back under an average of $4, the majority being in the south, but that could spread to more states in the weeks ahead,” De Haan said.

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According to AAA, the national average for a gallon of gasoline in the United States fell to $4.521 as of Monday. That’s down 1.1 cents from yesterday, 15.7 cents from a week ago, and 46.8 cents from a month ago.

According to AAA, however, gasoline prices in the United States are still $1.35 more than they were a year ago—despite the significant drop over this last month.

Oil prices were trading sharply up on Monday, with WTI crude reclaiming its place above $100 per barrel—a threat to the continued slump in prices at the pump.

By Julianne Geiger for Oilprice.com

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