U.S. Drivers Could Have $2 Gas During Summer Season
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U.S. consumers may experience low gas prices during the summer, so long as the refinery maintenance finishes smoothly and crude oil stays cheap. For some people, $2 per gallon is possible… so long as there are no unanticipated issues. AAA doesn’t believe the national average is going to rise above $3 a gallon for the year.
AAA spokesman Mark Jenkins said there’s hope that the price of gas could drop in a big way… just in time for the busy driving summer season. AAA, an Auto Club Group, said the outlook currently looks good, and with some luck, there won’t be any issues that cause gas prices to jump during this time of the year.
Most refineries are finished with their seasonal maintenance, but unexpected problems could crop up. Many refineries and wholesales, in order to meet EPA clean air guidelines are switching to the more costly summer-blend gas.
The biggest influence for gasoline prices, however, is the crude oil price. Many experts feel that there will be a drop in crude oil prices due to an overabundant supply. Higher prices could occur from production drops, international conflict, etc.
The nuclear framework deal that was reached with Iran could make a significant impact on both gas and oil prices. While the deal could take up to 12 month, the agreement would add about 500,000 barrels of oil each day, additional supplies being added to an overabundant market. This could cause even more pressure on the crude prices, bringing the price down and affecting the gasoline prices.
The U.S. national average price is $2.39 a gallon for regular unleaded gasoline. Drivers are saving about $30 for each trip to the station because of the low prices. AAA believe U.S. households are saving nearly $400 million each day for gas compared to one year ago. Or, it’s $100 average savings for each household.
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