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Gas prices could fall below $ 2 for many Americans



Gas retail prices have been falling steadily for several weeks. The national average, according to AAA, is currently $ 2.72 per gallon of regular gasoline, a drop of 17 cents from the 2019 high in early May and a 7 cents decline last week.

Wholesale prices fall even faster, suggesting that [19659003] prices at the pump should continue to decline.

"Nearly every part of the country should see a decline by the end of next week," said Tom Kloza, head of energy analysis for the Oil Price Information Service.

Most of the decline is due to falling oil prices, partly due to booming US oil production. This has offset the production cutbacks of the OPEC countries in support of prices. Oil prices have also fallen in part because demand for gasoline on international markets, especially in China, has been weaker than expected.
Gasoline prices are the norm at the end of last month in parts of the country where gasoline worth $ 4 was the fastest. In California, which still has the highest average price of $ 3.86 per gallon, prices have dropped by 23 cents. And the wholesale prices in the West are falling even faster than anywhere else in the country, as the refineries that closed there go online again.
  America's oil boom will set further records this year. OPEC is on the decline

"[Gas prices] should continue sinking as we move through the summer," Kloza said. "It is very likely that we will pay less than $ 2.50 in the next few months."

The national average price is likely to drop further over the course of the year – perhaps to $ 2.25 a gallon, Kloza said. As soon as the summer driving season ends, the demand for gasoline decreases, which lowers prices. A shift away from the more expensive gasoline blend needed to control smog during the summer months.

A national average of $ 2.25 per gallon would probably mean that nearly half of the country's gas stations sell regular gallon for less than $ 2 a gallon, Kloza said.


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