The new trading week is barely hours old and already oil prices are testing recent intraday lows, which could be a good sign for beleaguered motorists.
Oil prices currently have moved lower and are trading in the $91/bbl range, a price oil prices haven't closed at since May 2013. And what that could mean- lower gasoline prices- may show up in the weeks ahead if oil prices continue to hold at these levels.
This comes as North Dakota is likely to surpass producing one million barrels per day as a state. The latest numbers show North Dakota producing some 29.2 million barrels per day in October, 2013, the latest month for which data is available. Over 2013, North Dakota saw production increase every month, beginning the year at 739,072 barrels per day, with production rising to 942,462 barrels per day in October. Domestic oil production hasn't been this high since May of 1989 while mports of foreign crude haven't been this low since 1996.
It all bodes well for GasBuddy's prediction of a lower national average in 2014 than was featured in 2013. For this week, it's likely that the national average remains frozen as much of the country continues thawing out from last week's polar vortex.