Posted 10/5/2023, 4:33:43 PM
Gas Prices Could See Significant Drop Soon Due to Falling Oil Prices and Low Demand
- Gas prices expected to drop significantly, potentially $0.25 to $0.50 per gallon, due to falling crude oil prices
- Demand for gasoline is at lowest seasonal level in 25 years, putting downward pressure on prices
- Oil prices have declined rapidly after hitting 2023 highs in September
- JPMorgan analysts predict global oil demand will slow due to high crude prices
- Current national average for gasoline is $3.77 per gallon, down from $3.84 a week ago