Gas prices continue slide

25 October, 2017, 00:57 | Author: Barbara Daniel
  • Gas Prices Down Again at the Pump in Columbia

The average retail price for a gallon of gasoline in the United States has been on a steady decline for most markets through October, following seasonal trends.

When Harvey swamped oil refineries and pipelines on the Gulf Coast, prices here quickly surged 42 cents, from $2.46 a gallon to $2.88 a gallon, according to GasBuddy. The cost-tracking company surveys almost 1,000 gas stations in the St. Louis area.

The survey of 802 Idaho gas outlets indicates prices were 18.2 cents per gallon higher than the same day a year ago and 9 cents per gallon lower than a month ago. Prices here often drop below the national average for a few weeks by as much as 20 cents.

Retail prices remain about 5-10 cents higher than where they should be.

"Motorists should expect another round of discounts at the pump this week", said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Based on what we are seeing now, the potential by the end of the year is for prices to be in $2 to $2.10 range".

The national average of $2.46 remains slightly above the statewide average of $2.42.

Barring some unforeseen disruption in production/supply, Redman said fuel prices should continue to fall now that the transition to winter fuel is complete.

In the Great Lakes region, the most volatile market in the country, numerous states there have the most expensive gas in the country. Oil prices, meanwhile, gained nearly a dollar last week after the EIA reported a 5.7 million barrel decline in oil supply and a drop in production of 1 million barrels per day.

"Perhaps even more wild is that the national average has now remained under $3 for almost three years, or 1, 087 days as the days of cheap oil have continued", DeHaan said in a news release.

But prices might keep heading downward a little longer, said Patrick DeHaan, head of petroleum analysis for GasBuddy, a price-tracking website that monitors 147 gas stations here.

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