Gas prices falling fast- in the recent welcoming of the winter season, gas prices are falling fast, returning most parts of the country to the $3 a gallon and even less in some states.
The gas prices falling fast trend has been attributed to various factors. The price of crude oil has fallen across the globe by about 16%. In America, the price of crude oil has gone down by about 11%. Also, the industry in September moved to winter blend fuel, which is generally cheaper than other fuel blends. In addition, the industry has not been hit by any calamities such as hurricanes, which tend to spike the price of crude oil.
Nationally, gas prices are at their lowest since 2010. If the national trend goes on, the prices may fall to below $3 a gallon. That's the good news, the bad news is, prices are falling faster in some parts of the country than they are in other parts.
In Buffalo, Niagara, the average price of a gallon was $3.49, the retail price was down 4.1% from $3.64 last month. Compare it to the current national average which stands at $3.04 and the retail price a gallon in Ohio which currently stands at $2.93 and you start to get the picture.
According to petroleum analysts from Gasbuddy.com, many other factors may play a part in ensuring gas prices do not fall. An example is the retailer competition. Analysts opine that as the gas prices falling fast gains momentum, retailers may be slow to change the prices as that may involve eating into their own profits. Unless another retailer sees more business in higher volumes of oil sold, retailers in a certain region may not benefit from the general drop in oil prices.
Certain factors such as the planned increase in U.S air strikes on ISIS may spike the oil prices, disrupting the gas prices falling fast trend, but to what extent remains unknown.
