Low gas prices expected through 2015

Low gas prices expected through 2015

Gas prices are expected to keep falling for the rest of this year and through 2015, says a report by the U.S. Energy Information Administration (EIA). The forecast should interest dealers not only so they can gauge the costs to fuel their inventory, but also because buying patterns since the 1970s have shown that consumersê interest in fuel-efficient vehicles is closely tied to the price of gas.

Largely because of falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3.41 per gallon in September, down 29 cents from June, according to the EIA. Prices are forecast to keep falling to $3.14 per gallon in December. The EIA expects gas prices, which averaged $3.51 per gallon in 2013, to drop to $3.45 this year and $3.38 in 2015.

Virginia is consistently on the lower end of the state prices and was ninth from the bottom, at $3.02 per gallon, in the latest weekly report from the American Automobile Association.

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