Gas prices could continue to fall despite OPEC production cut talks, analyst says

Drops in gas prices could slow in the weeks ahead as some OPEC members talk about cutting oil production to stem the recent drop in oil prices, said Patrick DeHaan, head of petroleum analysis at GasBuddy.

“However, a production cut from oil producers may be more akin to putting lipstick on a pig as oil markets have plenty of downside ahead as demand for fuels begins to move lower into the fall with summer driving season ending soon,” DeHaan said. “The U.S. national average could fall an additional 35 cents per gallon by Thanksgiving even after this week’s drop should the trade tensions and geopolitical risks remain the same.”

The national average price of gasoline has fallen to the lowest level of the summer and is the lowest since March. It now stands at $2.63 per gallon, down 6.8 cents per gallon in the last week. That’s 15.9 cents per gallon less than a month ago, and 21.7 cents less than a year ago.

Pittsburgh gas prices have fallen 3.9 cents per gallon in the past week, averaging $2.89, according to GasBuddy’s survey of 731 stations.

That’s 7.8 cents per gallon less than a month ago, and 23.2 cents per gallon less than a year ago.