HUNTSVILLE, Ala. – Gas prices have fallen 5.7 cents per gallon since October 22.
According to GasBuddy’s survey of 261 stations in Huntsville, the average price of gas was $2.55 per gallon as of October 28. By comparison, the national average fell 2.9 cents to $2.81 per gallon over the same period.
With the local changes over the last week, prices were 35.1 cents per gallon higher than a year ago and 1.1 cents lower than a month ago. Nationally, the average is down 6.6 cents per gallon over the last month, and is 35.6 cents per gallon higher than a year ago.
According to a news release, the head of petroleum analysis for GasBuddy, Patrick DeHaan, says that this could be the start of a downward trend.
“From coast to coast, gas prices in nearly every state saw downward movement in the last week as sliding oil prices continued to keep the door open to falling gas prices. In fact, in the next 24 hours we’ll likely see the national average fall to its lowest point in over six months,” he said.
“Saudi Arabia has indicated it is prepared to raise oil production, addressing what had been a major concern ahead of Iran sanctions taking effect. Oil prices have fallen over 10 percent in recent weeks, providing the bulk of the gas price relief we’re seeing, and will continue to see for the next week or two at least. While there is still some anxiety globally over a lack of spare oil capacity, the market has been laser focused on discussion from oil producers, including Russia, that they will act to raise production. OPEC meets in early December, and any official increase in oil production could go a long way to temper concerns of shortcomings in the market.”