U.S. gasoline prices fell for the first time this year – down more than $0.05 in the last two weeks.
The move comes as oil refiners have been cutting wholesale prices.
It might be only a nickel. But the impact could be more noticeable than you think…
According to Patrick DeHaan of GasBuddy.com, “We are talking about a few pennies. But multiply it across all American motorists that are driving. It amounts to considerable savings. In fact, perhaps a few billion dollars can be saved with each $0.10 to $0.20 rollback in gasoline prices. So any savings will add up.”
And while there are a number of other reasons for the drop in gas prices, including the strong U.S. dollar and increasing oil reserves, crude oil is still the biggest factor contributing to the price at the pump. So the moment we see a boost in oil, don’t expect these lower prices to last.
So go fill up your tank quick!