(NAFB) Oil prices have been on a steady downward trajectory for much of the past month, and that trend looks to continue in the final days of the year. And that drop in oil prices means American motorists are benefiting.
Matt McClain is with Gasbuddy.com.
“We are looking at, for the third straight week, the national average price of gasoline falling to a multi-year low just ahead of Christmas. The average is at its lowest level since March 12, 2021, at $2.85 a gallon. And that is about a weekly savings of nearly $400 million nationwide compared to just this time last year, when prices, on average, were about 12.8 cents per gallon higher.”
McClain says investors are encouraged by the potential of a peace deal between Russia and Ukraine, as well as OPEC production increases. On top of that, he noted refineries in the United States are running at peak capacity.
McClain added that GasBuddy.com expects oil prices, and thus fuel prices, to continue moving lower into mid-January.
“We don’t see an issue with a big asterisk, that anything geopolitically can always create a jitteriness there, which could throw the whole forecast out the window. But for the moment, we don’t see anything out there on the horizon that’s going to start driving prices upward.”
Again, Matt McClain is with Gasbuddy.com.
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Chad Smith
Audio provided by Glenn Vaagen, PNW Ag Network, Pasco, Washington
Audio with Matt McClain of Gasbuddy.com
