Report: Gas prices to drop in fall/winter

Report: Gas prices to drop in fall/winter
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POSTED: Saturday, September 14, 2013 - 3:00pm

UPDATED: Saturday, September 14, 2013 - 3:04pm

While the U.S. average price of gas moved just 18.7 cents per gallon between Memorial Day and Labor Day, the average price at the pump was almost 4 cents per gallon more for the duration of the summer versus 2012. That translated to nearly $3 billion more spent on gas this year during the unofficial summer driving season, Memorial Day to Labor Day, according to a GasBuddy analysis.

The high price this summer occurred July 18 when the national average reached $3.68 per gallon and the low occurred July 4th when prices slipped to $3.49, a difference of just 18.7 cents. In 2012, that gap was much greater; 42.7 cents per gallon between the summer’s highest and lowest average price.

"Even with prices remaining more stable this year than last, the average price of gas was almost 4-cents per gallon more for the duration of the summer. Having said that, for the 99 days between Memorial Day and Labor Day this year, Americans collectively spent approximately $2.9-billion more on gasoline this year than they did last year," but as we approach autumn and winter, "American households should recover many of the fuel dollars that we surrendered to summer prices," said Patrick DeHaan, senior petroleum analyst.

In 2012 the U.S. average price reached its lowest level at $3.23 per gallon in December and GasBuddy anticipates that the lowest U.S. average retail price we see in Q4 2013 could fall within as low as $3.10 per gallon, DeHaan noted. "That translates to collective savings of over well over $175 million per day versus summer gas prices-- just in time for Thanksgiving & Christmas holidays."

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