GRAND RAPIDS, Mich. (WOOD) — About a month out from summer break, a gas expert is optimistic that prices may continue dropping in the coming months.
So far, the U.S. has seen a lot of relief in gas prices in the last month, falling nearly 30 cents per gallon, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
“A lot of the reason for the lower prices is a big drop in the price of oil because of concerns over the debt ceiling and the economy,” he explained.
He said usually, summer gas prices start out high and then improve, barring major hurricanes or significant improvements in the economy that could cause prices to rise.
“But if it’s a normal year, we see the lowest prices at the end of the summer, so mid to late July, when a lot of Americans are hitting the road. It’s not going to be a bad time to do so,” he said.
Recent wildfires in Alberta, Canada have cut oil and gas output by 150,000 barrels a day. But De Haan said that shouldn’t impact U.S. prices much.
“That probably won’t have a big impact … all in all, 150,000 barrels a day is less than 10% of what we see here in the U.S. with domestic production. So it’s very small, but it is something to keep an eye on in the weeks ahead,” he said.