Michiana neighbors celebrating cheap gas prices
MISHAWAKA, Ind – Michiana residents are celebrating the tumbling gas prices in recent months.
“I love it, it should keep going down,” a Michiana resident said.
Michigan and Indiana are among the states seeing gas prices below $2 per gallon at some gas stations.
“What we’ve seen over the last three months is oil prices have fallen by about $20 per barrel and there’s 42 gallons in a barrel of oil so each dollar decrease in a barrel of oil is about 2.4 cents at the pump so we’re looking at about 50 cents drop in oil prices just in the last two to three months,” Spokesman of the National Association of Convenience Stores Jeff Lenard said.
Among the many factors in the cost of gas, the main three according to experts are the price of crude oil, each states gas tax along with supply and demand.
Experts predict that the average family will spend approximately $1,991 on fuel costs in 2019.
“Prices will remain relatively low between $1.75 to $2.25 until mid-February when prices will slowly rise every week or two likely peaking in the upper $2 per gallon or even reaching $3 per gallon,” Head of Petroleum Analysis at Gas Buddy Patrick DeHaan said.
Experts say global economic factors could also play a role in the overall demand for gas and oil which could affect the prices at local gas stations.