Trend continues with gas prices dropping 37 cents over the summer
Average U.S. gas prices have dropped about 37 cents per gallon since hitting a 2015 peak price of $2.80 on June 15, says the American Automobile Association. With a growing portion of vehicle sales devoted to utilities and light trucks, even in the normally car-dominated Washington area, itês important to keep tracking gas prices.
Gas prices averaged $2.60 per gallon in August, the lowest average for the month since 2005. One reason we can expect a continued lowering of prices: Gas prices generally drop after Labor Day, which is considered the end of the summer driving season.
Gas prices in many parts of the country could fall below $2 per gallon by Christmas if the cost of crude oil remains low, said AAA spokesman Avery Ash. There is good reason to believe that cheaper oil costs, a seasonal decline in driving and the switchover to less costly winter-blend gasoline will continue to push down prices through the end of the year.Download Bulletin PDF