(WSIL) -- You will be saving a little bit of money at the gas pump. Gas prices have already fallen below $2.00 per gallon in many spots across our region.
reports prices fell 1.6 cents last week to an average of $2.28 per gallon. That is more than six cents per gallon lower than a week ago, and 26 cents per gallon lower than a year ago.
Nationally, prices fell nearly two cents last week, taking the average to $2.09 per gallon. That is down 8.8 cents per gallon from a month ago, and 53.7 cents per gallon from a month ago.
"As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8% compared to just last Monday, a solid rally that may eventually halt the decline in gasoline prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases.
It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up," DeHaan added.
