Banking & Finance

Cheaper Gas Expected to Fuel Summer Travel

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GAITHERSBURG, Md. – The price of gasoline this summer is projected to be the lowest in a decade, according to the consumer website GasBuddy.com.

GasBuddy estimates that the average price of gasoline in the United States should hover around $2.35 per gallon of regular fuel during the summer driving months between Memorial Day and Labor Day.

A recent Energy Information Administration report projected an average price of $2.45 per gallon during the summer. Both estimates are below the average fuel prices paid during the summer of 2005.

“That means that more Americans can afford to pack up and go enjoy a summer getaway because the cost of getting there will likely be the lowest since 2005,” says Patrick DeHaan, senior petroleum analyst with GasBuddy. “The latest data from the EIA showed the largest week-to-week buildup of crude oil since March 2001 and that underscores the downward pressure on fuel prices.” According to the EIA, the week-to-week buildup stood at 10.9 million barrels.

The average price for a gallon of gas in Ohio stood at $2.40, according to GasBuddy. As of mid-morning, the lowest priced gas advertised in Youngstown was $2.19 per gallon at the Valley Service Center at 1564 Mahoning Ave. In Warren, the lowest advertised was $2.18 per gallon at Gas Mart, 1744 W. Market St.

Published by The Business Journal, Youngstown, Ohio.