Gas prices drop nearly a dime in Maine

31 Aug 2015 | Author: | No comments yet »

Gas prices fall more than 8 cents in New Hampshire.

CONCORD, N.H. (AP) — In contrast to the national picture, gas prices in New Hampshire have fallen 8.4 cents per gallon in the past week, to an average of $2.35.Average gasoline prices have seen their biggest weekly drop of the year, according to fuel price information service, which reports the national average fell nearly 13 cents to $2.47 a gallon. Prices at the pump have been under pressure as oil prices have plunged 23% since July on concerns of economic slowdown in China, where oil demand had seen robust growth for years and the prospects of a deal with Iran that would see sanctions eased, adding to an already well-supplied global oil market.

Prices across the Midwest, including Michigan, have been falling since Tuesday, when a key refinery in northwest Indiana was running again after closing for unexpected repairs. In addition, BP’s Whiting refinery in the Midwest- which went down unexpectedly a few weeks ago- has returned to service, alleviating concerns of a supply shortage and ushering in lower prices in response. The cost of crude oil is the major component in the pump price of gasoline, but changes in the pump price of gasoline typically lag changes in crude oil prices. The latest price report for Maine pegged the average price of a gallon or regular gasoline at about $1.10 lower than one year ago and about 27 cents lower than one month ago. The site on Monday morning reported the cheapest gallons in the state at the Sunoco, Citgo and Irving stations in Orono — at $2.13 to $2.15 per gallon — and the highest price at The Penny Store in New Gloucester, at $2.94 per gallon.

He said he plans to keep the price at 99 cents all day Thursday. “It is very nice that it is here, but if oil rallies the first forecast of sub-$2 a gallon gas by Thanksgiving may be more accurate”, he said. Prices in half the nation’s states stand over $1.00 a gallon lower than a year ago, while California sees the smallest break, down just 49 cents versus a year ago.

After an impressive late-week rally brought by optimism in China’s economy and a good jobs report, oil prices face more downward pressure Monday morning as some of the gains from last week’s huge rally are lost. GasBuddy projects that by Christmas, as many as half of the nation’s gas stations will charge less than $2.00 a gallon, while some 5,000 stations are already at that level (5.0%) today.

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