Average gasoline prices fell in Houston and across the country over the past week, the beginning of what could be a steady decline through the rest of the year as the summer driving season ends and the coronavirus pandemic keeps demand subdued, the fuel tracking website GasBuddy said.
Gasoline prices could fall steadily through the rest of the year, according to GasBuddy.
In Houston, the average price of a gallon of gasoline fell about a penny to $1.81, up about 4 cents from a month ago, but down 40 cents from a year ago. Nationally, prices averaged $2.21 a gallon, down 3 cents a gallon over the week. The national average is about 4 cents a gallon higher than a month ago, but 34 cents lower than a year ago.
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Gasoline prices typically decline in the fall as demand from the summer softens and refiners switch to less expensive winter blends. Gasoline prices have also retreated with crude oil, which has again fallen below $40 a barrel.
Crude was trading below $38 a barrel Tuesday.
Nationally, the average price for gasoline could fall below $2 a gallon by the end of the year, GasBuddy said.
“We’ll likely see additional downward movement in the weeks ahead with gasoline demand set to decline as we move into the fall months and as COVID-19 restrictions keep demand from rallying,” said Patrick De Haan, head of petroleum analysis for GasBuddy.