China trade deal, production cuts could drive gas prices higher
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, email@example.com or via Twitter @BCRittmeyer.