HOUSTON — Drivers across the country are experiencing their lowest Aug. 1 gasoline prices in four years as traders’ concerns about instability in Iraq and Ukraine start to ease, analysts at GasBuddy said.
Nationwide, gasoline prices Friday averaged $3.50 per gallon, a 15 cent drop from a month earlier, according to analysts at the website that tracks gas prices nationwide.
Most Americans are paying their lowest pump prices since March 14 — the day before Ukraine’s Crimea region voted to secede.
Analysts at GasBuddy project that “peak 2014 motor fuel prices are in the rear-view mirror for most drivers,” unless a tropical storm or hurricane affects Gulf Coast refineries.
And prices could continue to slide further, with rising crude production and increased refining output on the horizon. Tom Kloza, GasBuddy’s chief oil analyst, said that by November, thousands of U.S. gas stations could be selling gasoline for $3 per gallon or less.
In the greater Houston area, gasoline prices averaged $3.36 per gallon Friday morning, more than 15 cents less than a year ago.