x
Breaking News
More () »

13 WTHR Indianapolis | Indianapolis Local News & Weather

Gas prices could fall below $2/gallon this summer

As average gas prices continue to fall across the country, experts say some regions could be paying less than $2 a gallon to fill up this summer.
(WTHR file photo)

As average gas prices continue to fall across the country, experts say some regions could be paying less than $2 a gallon to fill up this summer.

Data gathered by GasBuddy.com showed the average price of a gallon of unleaded gas dropped for the fourth straight week to $2.81 last week. That trend, coupled with falling oil prices could mean big savings ahead.

"The nation’s cheapest gas prices may soon fall back under $2 per gallon as oil prices have plummeted nearly $14 in the last 8 weeks," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan said the price of oil has been affected by worries over President Donald Trump's tariffs on China and Mexico, "perhaps leading to a slowdown in oil demand at the same time as U.S. inventories have rebounded sharply."

The most common price for a gallon of gas last week was $2.79, GasBuddy reported. That was due to prices jumping about 30 cents per gallon due to flooding in the Midwest. The median gas price in the U.S. was $2.70 a gallon. The average price in Indianapolis on Monday was $2.81 a gallon.

Experts say prices are likely to drop for a fifth straight week this week, with the trend continuing into the summer.