Great news for motorists- gasoline prices have continued their decline for another week, dropping to a national average of $3.43/gal in the U.S. while falling to 124c/L in Canada. This comes as oil and gasoline futures have eroded, as tensions in Syria ease, positive ground being sought with Iran, lower gasoline demand, and the switch to winter spec gasoline.
Gasoline prices continue to erode with twelve states that are seeing prices under $3/gallon, and more states will join in on that over the next seven days. While it's generally good news that gasoline prices continue falling, many Americans don't believe we're likely to see national averages drop under $3/gal over the next year at the pump.
We surveyed over 10,000 motorists with two-thirds of respondents saying that the national average will remain between $3 and $4 per gallon through 2014. Perhaps in a sign of positive sentiment, just 13% of respondents said they thought that prices nationally would exceed $4/gallon, while 20% believed prices could go under $3/gallon.
Personally, I'd fit right in with the 66% of respondents, believe that the national average will likely remain in the $3-$4/gal constraint for an extended period of time.
For the short term and upcoming week, I see no reason why the national average won't fall again this week! So if you're looking to buy gasoline, the longer you wait this week should mean lower prices.