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U.S. Gasoline Prices Could Drop to $2 by Year-End
Spot gasoline prices have fallen below $2 per gallon in more than a dozen states, mostly in the South.
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Spot gasoline prices have fallen below $2 per gallon in more than a dozen states, mostly in the South.
The national average is at $2.65, down from $2.77 a month earlier and $3.44 a year ago, according to the AAA Daily Fuel Gauge Report. Prices in the Midwest have risen because of a temporary refinery problem. But analysts say the national average could fall below $2 by the end of 2015.
Meanwhile, petroleum futures have sagged to their lowest prices in more than six years. Analysts say traders are worried about China's slowing economy and an increase in U.S. inventories of gasoline this summer.
The U.S. benchmark for oil, West Texas Intermediate Crude, fell to $41.11 per barrel on Thursday. Analysts say the price could slide to $30 by year-end, down from more than $95 in January.
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