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Fuel Prices Poised to Plunge in U.S.
Gasoline prices in the U.S., which have been sliding for a week, could drop another 16 cents per gallon this week, Bloomberg News reports.
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Gasoline prices in the U.S., which have been sliding for a week, could drop another 16 cents per gallon this week, Bloomberg News says.
The national average price of regular grade gasoline is at $2.75 per gallon, down from $2.81 a week earlier and $2.92 a year ago, according insurance giant AAA. GasBuddy.com predicts prices could drop to $2.60 by the end of this week.
Current prices differ dramatically from state to state. AAA says averages on Monday ranged from a low of $2.33 per gallon in Mississippi to a high of $3.88 per gallon in California.
The decline is being driven by another slump in crude oil prices, which account for about 60% of the price of refined gasoline.
The price of the U.S. benchmark for crude oil (West Texas Intermediate) skidded from more than $66 per barrel in late-April to less than $54 at the end of last week. The international standard (Brent Crude) fell from about $74 to $62 over the same period.
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