Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Why are Drivers Seeing Lower Prices at the Pump?

Details

  • Description

    GasBuddy.com’s Patrick Dehaan on the decline in gas prices.

  • Duration 3:20
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

We've been telling you about the rising gas prices for weeks.

Is reporting that after nearly three months average gas prices are finally starting to fall to find out why it -- the low prices are here to stay.

I'm joined by captain to hunt my gas buddy from gas buddy dot com -- thank you so much for joining us.

On the east -- -- feels like this shares got older cooler since last time yes yeah sounds slightly.

-- so gas prices going downing a lot of this has to do with the winter -- for those of you out there who don't now that's an environmental thing where.

You know it's just cheaper to make gas in the winner because the way that it splendid basically are their other factors at work here that are finally opens out.

I think there's a big factor about a week and a half ago that the Energy Information Administration report that highlights weekly changes.

In the amount of gasoline and oil produced.

Finally showed a very good report and fact surprising report to many crude oil inventories had increased eight and a half million barrels and just one week's time.

We sell overall total inventories of gasoline and crude oil -- a significant amount I think that's what's leading to the sell off in oil and gasoline.

Yeah I -- in fact we saw oil fall about 7%.

Gasoline dropped about 5% as I think you saddened and in the futures market.

I'm gonna stick around folks I'm all the Saber rattling that's going -- earn -- across town at the UN and and -- what do you think.

Well there's a lot of -- behind how long this will stick around a month a year.

Not long enough I'm sure many motorists would agree with I think we'll see this through the cooler months is a situation that tends to play out.

I was looking at past years' data today and run -- the election prices can move up they can move down.

I think this you'll see prices of moderating -- mean they've been so highly year in fact there remain -- highest they've ever been.

This late in the season we'll see some relief it's not going to be as much as folks -- national average could drop into the mid three dollar range between Thanksgiving and Christmas I didn't.

-- an -- name and a lot of swing state areas so no matter what little relief we're seeing right now they're not going to be down substantially in what time we have left before election.

Well and they might not come down quite in time but the movement will be lower so you may see some people wondering.

Or some stories now wired to ask first is going down so close the election trying to make -- story out of that one.

This is just an historical thing prices always tend to moderate once we get out of the peak demand -- that summertime and this is normal price is normally drop.

After get all the hurricanes out of the way in the summer driving season I would say what we're saying at the pump now would falling prices rather -- Bottom line -- and its economy starts to pick up oil's going to -- that's gonna translate to gas prices right.

Right not only that if the economy really I had C accelerator Woolsey prices again heating up bright and of course we have to watch the Middle East that could certainly puts more pressure on things as well.

Patrick thank you so much and of course I wanna find the cheapest prices haven't go to gas buddy dot com always a lot of fun to see what the gas stations -- area are charging -- -- -- website it's fantastic.

Thanks for coming on things Melissa.

Load More