Gasoline prices drop closer to $3 and could keep falling - WRCBtv.com | Chattanooga News, Weather & Sports

Gasoline prices drop closer to $3 and could keep falling

Posted: Updated:

(NBC) - The average price for a gallon of gasoline in the United States fell 6.4 cents in the last two weeks, as crude oil declined and refiners passed on the difference to motorists.

Some industry experts believe the price could keep falling, even below $3 per gallon for the first time in three years.


SAVE MONEY | Use the Channel 3 Fuel Finder for the best gas prices

According to the latest Lundberg survey, the average price was about 31 cents lower than a year ago, based on the Sept. 20 survey of some 2,500 retail stations in the 48 contiguous states.

Trilby Lundberg, survey editor, said the rise came alongside a decline in the price of crude oil. Crude has fallen as Libya has produced more and there have been signs of diplomatic progress regarding Syria and Iran.

"California did buck the trend because of some recent hiccups in the California refining capacity affecting the West," Lundberg said. "Prices rose at the pump about 16 cents in California, but the spike has already died as those glitches have already been resolved."

Charleston, South Carolina, had the cheapest gasoline in the survey at $3.14 per gallon, while drivers in San Francisco, paid the most at $4.01 per gallon.

According to another survey, by the American Automobile Association, pump prices are in their usual September decent as demand weakens and supplies increase. But the national average for a gallon of regular unleaded remains well above $3 for the 1,007th day in a row, it said.

"It's normal for prices to fall in September," said Mark Jenkins, AAA spokesman. "The summer driving season is over, demand is down, and refineries are switching to the cheaper winter-blend gasoline."

"Prices could continue to fall another 5 to 10 cents before the end of the month," Jenkins said. "But it's unlikely."

GasBuddy.com, which monitors prices across the United States, also forecast cheaper prices to come.

GasBuddy's chief oil analyst Tom Kloza predicts that the fall will see slow but steady attrition in retail gas numbers, thanks to record high U.S. refining rates and consumer demand that will at best match 2012 levels. "Supplies are adequate, and indeed gasoline now typically sells for just a few dollars more than raw crude costs. They'll go below $3.00 anytime soon."

  • NewsMore>>

  • Hidden contracts: do you know what you're signing?

    Hidden contracts: do you know what you're signing?

    Tuesday, July 29 2014 6:58 PM EDT2014-07-29 22:58:08 GMT
    When is the last time you signed a contract?  Months ago, years ago, never?  You may have signed one, without even knowing it.  We are basically entering into a contract every time we go online and click the "I agree" button.  But what exactly are you agreeing to?  Here are some of the hidden legalities in those "terms of agreement" pop ups that we rarely read.More
    When is the last time you signed a contract?  Months ago, years ago, never?  You may have signed one, without even knowing it.  We are basically entering into a contract every time we go online and click the "I agree" button.  But what exactly are you agreeing to?  Here are some of the hidden legalities in those "terms of agreement" pop ups that we rarely read.More
  • Jackson Co. Sheriff's Office search for attempted burglary suspect

    Jackson Co. Sheriff's Office search for attempted burglary suspect

    Tuesday, July 29 2014 6:48 PM EDT2014-07-29 22:48:42 GMT
     The Jackson County, Sheriff's Office in Alabama is needs public in locating 23-year-old Walter Lee Green III of Bryant, AL. More
     The Jackson County, Sheriff's Office in Alabama is needs public in locating 23-year-old Walter Lee Green III of Bryant, AL. More
  • Auto supplier for VW to bring jobs to McMinn County

    Auto supplier for VW to bring jobs to McMinn County

    Tuesday, July 29 2014 6:38 PM EDT2014-07-29 22:38:19 GMT
    The promise of the new CrossBlue being built in Chattanooga brings with it the promise of new jobs not only at the VW plant, but also area auto supply companies.More
    The promise of the new CrossBlue being built in Chattanooga brings with it the promise of new jobs not only at the VW plant, but also area auto supply companies.More
Powered by WorldNow
Can't find what you're looking for?

WRCB-TV
900 Whitehall Road
Chattanooga, TN 37405
(423) 267-5412

WRCB Jobs EEO | FCC Public Files

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WRCB. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.