ShareThis Page
Regional

China trade deal, production cuts could drive gas prices higher

Brian C. Rittmeyer
| Monday, Dec. 3, 2018, 9:15 a.m.

Gas prices are plummeting, and there is at least one gas station in 27 states selling it at $1.99 per gallon or less.

“The national average stands at its lowest point of 2018 having fallen nearly 50 cents since the start of October, keeping nearly $200 million in the pockets of Americans every single day, acting as an economic stimulus ahead of the holidays,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

In Pittsburgh, prices have fallen 6.1 cents per gallon in the past week, to an average of $2.75, according to GasBuddy’s daily survey of 731 stations. That’s 27.4 cents per gallon lower than a month ago, and 6 cents per gallon lower than a year ago.

The national average has come down 10 cents per gallon, to an average of $2.43. It’s down 31.4 cents per gallon from last month, and 2.7 cents per gallon from a year ago.

“While OPEC will be meeting this week to discuss the possibility of cutting oil production in light of the $25 per barrel drop in prices since October, Americans will likely see falling prices at least for one more week,” DeHaan said. “In addition, the promise of a trade deal with China may boost confidence in the economy, pushing global oil demand back up and driving prices higher.

“Motorists are encouraged to continue shopping around to find the best deals at the pump and prices under $2 per gallon while they last.”

Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, brittmeyer@tribweb.com or via Twitter @BCRittmeyer.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.

click me