Prices for a gallon of unleaded gasoline have taken a plunge and Don Good from the Good Oil Company in Winamac said the trend could continue.
“It looks like we could even see some really good drops coming up here through August,” said Good. “One of the top analysts suggested we could see a 20 percent drop in prices if everything lines up as it is. It came a little later than anticipated. We thought it would come a little earlier in the season, but it looks like it’s going to be pretty significant. That’s good news.”
Finally, some relief is to be had at the pumps as drivers gas up. The average price in Indiana has fallen from $4.20 on June 6 to $4.08 on Wednesday, a breath of fresh air despite the fact that the state’s average remains 45 cents higher than the national average. Fortunately, according to GasBuddy.com’s Senior Petroleum Analyst Patrick DeHaan, those prices will keep falling.
“Exxon Mobile’s facility in Joliet, Ill., has come back online and that’s meant a lot of downward pressure on wholesale prices, which will then, in turn, mean a big drop at the pump here in the next week,” said DeHaan.
West Covina, California, became the first area to hit $5.00 a gallon gasoline over the weekend. Could we be far behind? Will it be $5.00 a gallon gasoline for us by Memorial Day?
Don Good of the Good Oil Company in Winamac explains how gasoline prices could be going up so radically while consumption is going down.