Experts: Gas Prices Will Continue To Fall
Late 2014 and early 2015 provided drivers with a little wallet relief at the gas pumps as prices were right around $2 per gallon. And, experts say that those prices are likely to return by fall.
cnn.com published this article last week, stating that the U.S/Iran nuclear deal should have a positive impact for American fuel consumers. Iran has not sold crude oil to the U.S. since 1995. Other countries, mainly in Europe, have also imposed sanctions onIran, and those will likely be lifted as part of the nukes deal. If Iranian oil is again allowed to be sold to European countries, it should push down oil prices in international markets.
An article at pennlive.com goes further into the discussion, explaining that domestic refineries are running with more efficiency. Issues on the West Coast sent prices soaring in California in recent weeks. Unfortunately, the nation's mid-section is still experiencing issues with refineries not running at optimal efficiency, affecting our prices locally. But, crude oil is right now around $50 per barrel, a low price. And, midwest refineries are expected to beef up production by fall.