Gas falls below $2 a gallon

20 Jan 2016 | Author: | No comments yet »

AAA Michigan: Gas Prices Fall 7 Cents In Past Week To $1.83.

New York: Just as Americans are starting to hit the road for the holidays, the average price of petrol at the pump has dropped below $2 (Dh7.34) a gallon for the first time in more than six years as crude oil production continues to surge. Low oil prices tied to overproduction and to lower seasonal demand are “the main catalyst” for the decline, said Patrick DeHaan, a senior petroleum analyst at GasBuddy, in a phone interview. “America is the world’s largest oil consumer, and in the winter months demand is reduced,” he said. The website says the national average could bottom out at $1.85 before rising in the spring as demand rises and refineries shift to federally required summer gasoline blends. US refineries produced 9.83 million barrels a day of the motor fuel in November, 2.3 per cent higher than a year earlier, the American Petroleum Institute said Thursday.

Americans have saved about $100 billion on fuel this year, which comes to more than $350 a person, according to Michael Green, a spokesman in Washington for AAA.

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