Downward gas price trend likely to continue, experts say - FOX Carolina 21

Downward gas price trend likely to continue, experts say

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GREENVILLE, SC (FOX Carolina) -

Gas prices in Greenville and across the country are dropping, and experts say the trend will likely continue after kids go back to school.

The average retail price in Greenville for a gallon of gas fell 3 cents in the past week, bring the price to $3.08 per gallon Sunday, according to the gas pricing website Gasbuddy.com.

The price is now 9 cents per gallon lower than the same day a year ago and 13 cents per gallon less than a month ago.

The national average is also on the decline, dropping 2 cents per gallon in the last week to $3.45.

"The national average has now dropped to its lowest level since February, and with the end of the summer driving season nearing, we'll likely see gas prices continuing the downward trend," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

"Oil prices last week dropped to $95/bbl briefly before rising the next day back to $97/bbl, but the important factor is that prices remain under triple digits. For motorists, we're nearing the point that gasoline demand drops- after Labor Day- and also the upcoming switch back to cheaper winter gasoline will also put downward pressure on prices in mid-September. While a short term increase in gasoline prices is never out of the question, as we grow nearer to September, the likelihood of a spike decreases. It won't be long before we'll start to see a few cities seeing averages under $3/gal: areas of Tennessee and South Carolina are already getting close," DeHaan said.

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