The average U.S. price for a gallon of regular gasoline at the pump stood at $3.31 on Friday, down 13 cents from a month ago, according to AAA’s Daily Fuel Gauge Report. Tom Kloza, chief oil analyst at the Oil Price Information Service, says prices could drift even lower in the next few days. See the report.
This autumn has brought the poorest gasoline demand since 2000, Kloza noted on his blog, pointing out that domestic gasoline demand in the last four weeks has averaged 8.6 million barrels per day, compared to late November gasoline demand in 2006 and 2007 of 9.25 million barrels per day.
“Thanks in part to more moderate prices and to lower demand, the daily [U.S.] gasoline bill has dropped to below $1.2 billion,” Kloza writes, compared with more than $1.5 billion in early May. And now there are 23 states where consumers can find gasoline for less than $3 a gallon, he added.
“Somewhere between Black Friday and Ground Hog Day, we’ll see gas prices bottom,” said Kloza. But “that bottom becomes a launching pad for a spring rally that might add another $1 a gallon to wherever that bottom occurs.” More in Kloza’s blog.
