Source: www.automnews.com - Friday, November 28, 2014
Despite the recent, steady drop, the chances of gasoline prices averaging below $2 a gallon across the nation remain highly unlikely, analysts say. Photo credit: BLOOMBERG Related Topics November 28, 2014 – 4:34 pm ET SAN FRANCISCO (Bloomberg) — For the first time in five years, $2 gasoline is making a comeback in some parts of the U.S., just in time for the Christmas holiday. Retail stations scattered across the U.S. South and Midwest are about 20 cents shy of the $2-a-gallon mark. In New York, gasoline futures slid more than 13 cents Friday in response to OPEC’s failure to cut oil production. That decline alone could drag down pump prices by as much as 20 cents a gallon, said Michael Green, a spokesman for the Heathrow, Florida-based motoring club AAA. “We could see the cheapest 1 percent of stations get within a few pennies of $1.99 over the next two weeks,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc. in Chicago. “We’ll see at least one station in the nation at $2 by Christmas. And that’s not really a prediction at all. That’s more like a certainty.” The motor fuel has slid by almost a dollar a gallon in the U.S. from this year’s peak, giving Americans at least $500 annually in extra disposable income by IHS Inc. estimates. Falling gasoline prices have given an extra boost to U.S. new light-vehicle demand, as well, particularly light trucks, which include minivans, pickups, SUVs and crossovers
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Despite the recent, steady drop, the chances of gasoline prices averaging below $2 a gallon across the nation remain highly unlikely, analysts say. Photo credit: BLOOMBERG Related Topics November 28, 2014 – 4:34 pm ET SAN FRANCISCO (Bloomberg) — For the first time in five years, $2 gasoline is making a comeback in some parts of the U.S., just in time for the Christmas holiday. Retail stations scattered across the U.S. South and Midwest are about 20 cents shy of the $2-a-gallon mark. In New York, gasoline futures slid more than 13 cents Friday in response to OPEC’s failure to cut oil production. That decline alone could drag down pump prices by as much as 20 cents a gallon, said Michael Green, a spokesman for the Heathrow, Florida-based motoring club AAA. “We could see the cheapest 1 percent of stations get within a few pennies of $1.99 over the next two weeks,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc. in Chicago. “We’ll see at least one station in the nation at $2 by Christmas. And that’s not really a prediction at all. That’s more like a certainty.” The motor fuel has slid by almost a dollar a gallon in the U.S. from this year’s peak, giving Americans at least $500 annually in extra disposable income by IHS Inc. estimates. Falling gasoline prices have given an extra boost to U.S. new light-vehicle demand, as well, particularly light trucks, which include minivans, pickups, SUVs and crossoversfrom Top News on RSS Feeds http://ift.tt/1uUx2xg
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