Cheap Gas Prices: Summer Gas Prices Expected to be $2.35 Per Gallon, Could Be Lowest in a Decade
Crude oil prices are expected to remain low for the rest of 2015 and that could mean that drivers in the U.S. could see the lowest summer gas prices in 10 years, USA Today reports.
Gas price-tracking website GasBuddy.com expects the average price per gallon this summer to be $2.35, senior petroleum analyst Patrick DeHaan said.
The U.S. Energy Information Administration reports that the inventory of oil stockpiles has seen its largest weekly jump since 2001.
The average price per gallon of gas currently sits at $2.40. That is 33 percent cheaper than last year's prices.
Normally, prices will rise before the peak driving season of summer. However, a 10-month slide has knocked down crude oil prices by more than 50 percent since last June. Crude accounts for about 51 percent of gas prices, the EIA says.
Prices by region could vary, according to Oil Price Information Service senior analyst Tom Kloza. Currently, gas prices are low in South Carolina, Tennessee, Mississippi and New Jersey where they average between $2.08 and $2.16 per gallon. Gas prices are high in Nevada, Alaska, Hawaii and California where they average between $2.78 and $3.12 per gallon.
The cheapest cities for gas in the U.S. were Chattanooga, Tennessee ($2.03), Spartanburg, South Carolina ($2.06) and Grenville, South Carolina ($2.07).
The most expensive cities for gas in the U.S. were all in California. Los Angeles ($3.17), Bakersfield ($3.22) and San Francisco ($3.30) topped the list for cities with the most expensive gas prices.
While the national price this summer is expected to average at about $2.35 per gallon, some places could see prices as low as $1.75 per gallon.
With gas prices being cheap this year and better fuel efficiency in today's vehicles, household spending on gasoline spent on gas is expected to be its lowest since 2004. The average household can expect to spend $700 less this year on gas than in 2014, Time reports.
At this time last year, gas prices were averaging $3.59 per gallon.
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