Gas prices this summer are expected to be the lowest they have been in 10 years. According to New Jersey Online, the price of gas is going to increase a bit, as companies switch to their “summer blend,” but the overall price of gas now, and in the coming months, is going to be much lower than what has been seen in The States over the past several years.
Summer gas prices this year will be lowest since 2004, based on EIA’s $2.45/gal. estimate this summer (Apr.-Sept.) pic.twitter.com/PgBvyR9lc0
— Mark J. Perry (@Mark_J_Perry) April 13, 2015
“We’ll get increases, but it doesn’t have anything to do with Iran or Yemen or the Kardashians, it’s marketers getting summer gas in their terminals. It’s less about the (petroleum) markets did than the shift,” said Tom Kloza, analyst for the Oil Price Information Service. As of right now, gas is expected to be about $1.00 cheaper than it was last year. As you can see from the chart above, 2015 gas prices are on track to set a record.
Gas prices seem to skyrocket in the summer months, but 2015 isn’t going to be too bad. You will notice an increase of about 15 to 20 cents, but there shouldn’t be too much fluctuation beyond that. According to Market Watch, the U.S. will see a dip in gas prices from Memorial Day through Labor Day this year in comparison to previous years.
“The U.S. average price of gasoline will be $2.35 per gallon versus $2.40 currently, according to Gasbuddy, a site that tracks gas prices, down from its previous summer forecast of $2.79 per gallon released last December. That’s even less than the estimated summer gasoline prices of $2.45 per gallon predicted by the government’s Energy Information Administration.”
As previously reported by the Inquisitr, the state of South Carolina has the lowest gas prices in the country at $2.089 per gallon. Meanwhile, California has the highest at $3.099. As for cities, San Francisco has the highest gas prices $3.282 in the country, while Chattanooga, Tennessee, has the lowest at $2.032 per gallon.
Drivers have been saving money, some about $20 to $30 a month, thanks to the lower gas prices nationwide. It wasn’t long ago that Americans found themselves paying close to $4.00 a gallon (in 2008 the average price was higher than that!), but no one is complaining at this point. Sure, it would be great to be back down to under $1.00, but this is a nice change nonetheless.
[Photo by Scott Olson/Getty Images]