Gas prices are expected to plunge sharply in the final days leading up to the midterm elections, potentially nearing $2 per gallon at some stations in low-tax states.
The sudden respite at the pump comes from sharply lower oil prices and declining wholesale gasoline prices.
Oil Price Information Service analyst Tom Kloza said it could amount to a “colossal collapse” in prices for consumers: from a $2.78 national average on Friday to as low as $2.50 by Tuesday.
“There’s the possibility you could see some prices flirt with $2 a gallon in the next 10 days or so in some of the low-tax areas,” Kloza said. “For now it’s going to be a great break.”
View Article