HOUSTON — Gasoline prices could fall an average of 10 to 20 cents per gallon in the coming weeks in response to declining crude oil prices, analysts with GasBuddy said Tuesday.
Nationwide, average retail gasoline prices have fallen below $3.60 per gallon of regular for the first time since April 10 and have declined for 18 days in a row, said the company, which tracks and forecasts gasoline prices.
Gasoline prices track the price of crude, andU.S. benchmark West Texas Intermediate has fallen below $100 per barrel for the first time this summer after a steady decline, said Patrick DeHaan, senior petroleum analyst for GasBuddy.
Benchmark U.S. crude fell 95 cents to $99.96 a barrel in Tuesday trading on the New York Mercantile Exchange.
The price of wholesale gasoline has fallen 15 to 20 cents cents per gallon across most of the country since the start of July. “We’re confident that in the coming weeks, we’ll see retail prices catch up to the wholesale losses,” DeHaan said in a statement.
In the Houston area, regular averaged 3.45 per gallon Tuesday, according to AAA’s Daily Fuel Gauge Report, down 3 cents from a week ago.