Gas prices fall to $2.78 a gallon, expected to go lower | Business News

Gas prices fall to $2.78 a gallon, expected to go lower

10 Aug 2015 | Author: | No comments yet »

AAA Michigan: Gas prices drop 6 cents in past week to $2.49.

Gas prices just keep on going down, with Pittsburgh-area drivers seeing a 4.3 cent drop in the last week to an average of $2.78 per gallon, according to an online gas price tracking site. The changes mean drivers in the Pittsburgh region are paying 88.2 cents less a gallon than they did a year ago at this time and 16.7 cents less than a month ago.

In areas like Rochester, some stations are selling gas for $2.06 a gallon. “It’s all about the distribution, where they get their fuel from, which refineries, which pipelines or oil tankers and those sorts of things,” said Gail Weinholzer of AAA. “It’s all about the distribution, where they’re getting it from. Florida’s average is also down 6 cents, reaching $2.44 today, according to AAA’s Fuel Gauge Report. “The powerful combination of declining crude oil prices and robust production from U.S. refineries continues to pummel retail gasoline prices nationwide and it’s a trend we expect to continue,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “With West Texas Intermediate slipping to $43.75 per barrel on Friday and refineries exceeding 17 million barrels per day in each of the past four weeks, a level that hasn’t been reached since the Energy Information Administration began publishing the data in 1990, that explains why the national average price of gas shed 6 cents per gallon in the past week,” DeHaan noted.

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