Despite some pretty wild fluctuations in the price of oil, over the past week the price of gasoline has remained relatively flat at roughly $2.57 per gallon.
After starting the week at roughly $67 per barrel, the price of oil quickly shot up to $72 per barrel before ending the week at $69 per barrel. Fortunately these swings had little effect on the price of gas.
Today’s price is down six cents (2%) from a month ago, and down $1.16 (31%) from a year ago. Given the current economic situation, the fact gas prices have dropped by nearly one-third since last year is certainly a very welcome relief.
Assuming this hurricane season is relatively mild and there aren’t any massive geopolitical flair ups, the price of gasoline should continue to decline throughout the fall and into the winter.
Aside from the price dropping due to decreased demand, refineries also stop producing “summer blend” gasoline, which has costlier additives that help with smog and pollution. This switch alone will help to decrease gas prices by 10 to 15 cents.
(On a side note: if there’s gasoline that’s just slightly more expensive yet is known to be better for the environment, why aren’t we using it all the time? Just a thought.)
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It has been the same within the UK!
Love the change to your site – it looks a lot crisp and cleaner!
Thanks for the feedback. I’m a big fan of the way the site looks now too.