Gas prices to likely drop 10 to 25 cents per gallon - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Gas prices to likely drop 10 to 25 cents per gallon

Posted:
Over the next two weeks, Gas Buddy is reporting gas prices will likely drop 10 to 25 cents per gallon.

The U.S. average retail price of gasoline has fallen below 3.60 dollars per gallon for the first time since April 10th. Prices have been on an 18 consecutive day streak where the current price were less than the price from the previous day and it's the highest number of consecutive down days since the period between April 4th to April 19th, 2013, prices fell 11.8 cents per gallons from 3.63 dollars to 3.52 dollars. The current U.S. average is 3.59 dollars per gallon. It has dropped 5 cents in the past week.

"West Texas Intermediate crude, the benchmark for the U.S., traded below 100 dollars per gallon today for the first time since April, reflecting a slow but steady decline in recent weeks," Patrick DeHaan, senior petroleum analyst for GasBuddy, said. "Over the same period, we've seen wholesale crude prices across the country slip dramatically. West Coast wholesale prices have fallen by more than 35 cents per gallon since the beginning of the month, and across the rest of country wholesale prices have fallen by 15 to 20 centers per gallon."

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