GAITHERSBURG, Md. -- In the second half of 2015, motorists will spend even less on gasoline this year than they did in 2014, GasBuddy experts expect. Before Christmas, as many as 20 states could have average gas prices below $2 per gallon as the national average for December slips to $1.98, according to the fuel-price resource.
“We’re confident that our projections give consumers more than accuracy; we think they’ll help them identify some savings that should come in handy at Thanksgiving and Christmas,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.
“It’s interesting to remember that last year the national average shed more than $1.27 from August 1 through December 31 when the U.S. average was $2.24,” DeHaan said. “This year, if we see just half of that decline it will bring us to below $2 per gallon.”
Projected Monthly U.S. Average (Per Gallon)
- August: $2.54
- September: $2.43
- October: $2.28
- November: $2.10
- December: $1.98
States most likely to see average prices at $1.99 or less before Christmas include Alabama, Arkansas, Delaware, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, North Carolina, New Jersey, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Virginia.
Contributing to the positive forecast are regional, national and global supply and demand fundamentals that continue to place more downward pressure on crude oil prices than upward pressure, and that trend is expected to continue well into 2016.
“As motorists wrap up their summer vacation road trips, demand for gasoline slips in autumn and winter. At the same time, refining margins are strong and with the switch to cheaper winter grade gasoline in the coming month, ample supply of discounted gasoline will be available to motorists. It’s the perfect recipe for savings at the pump till the end of the year,” said Will Speer, a senior petroleum analyst at GasBuddy.
GasBuddy is a leading source for real-time local gas prices. Founded in 2000, Gaithersburg, Md.-based GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices. Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.