FILE - In this April 29, 2014 photo, a customer fills her car with fuel at a gas station, in Brookline, Mass. Gasoline prices are falling along with oil prices this summer because concerns of global supply disruptions have subsided somewhat despite continued violence in the Middle East. (AP Photo/Steven Senne, File)
How Low Will Gas Prices Go?
Buffalo, NY (WBEN) The price of gas has been coming down at a decent clip as of late. Gasbuddy.com says it's possible some parts of the country could see a gallon of gas cost three dollars--or less.
There are a couple of reasons why prices are on the decline. "We've seen crude oil prices come down significantly, but we're also seeing wholesale prices decline by a significant amount in a month," says Gregg Laskosky of gasbuddy.com. "The United States is in the middle of an energy boom, and since July we've seen refineries operate at exceptional rates."
Laskosky says it's possible by November, the average price will be $3.25/gallon nationally. "When we see the national price reach that range, there will be thousands of stations across the country that will likely have prices below the $3 mark," says Laskosky, but he says don't hold your breath seeing that low of a price here. "Unfortunately, New York is one of the highest taxed states in the country," explains Laskosky, who projects the bottom will hit at $3.40/gallon in WNY.
The current average price for a gallon of gas is $3.76, down from $3.84 a month earlier.