Wall Street Plunge May Mean Gas Price Drop

Some experts predict gas will be up to 30 cents cheaper in coming days

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    Who would have thought something positive would come out of Thursday's severe drop on Wall Street. Well, here it is -- lower gas prices.

    While the price at the pump in the D.C. area doesn't represent it yet, oil posted its lowest one-day drop in three months on Thursday. Crude prices fell nearly 6 percent.

    Don't Panic Over Wall St. Drop-Off

    [DC] Don't Panic Over Wall St. Drop-Off
    News4's Derrick Ward talks with a financial expert who says now is not the time to do anything drastic in response to Thursday's market plunge.

    This is in response to the slowing global economy, lost confidence in U.S. economic growth and the expectation that demand for crude will weaken.

    As it stands, the price for a barrel of oil is well below where it was back in May when it sold for $115. On Friday morning it settled at around $85.

    If oil holds at these lower prices, we could see lower costs at the pump within the next few days across the country.

    Right now, the national average is $3.70 per gallon for regular, so experts are anticipating prices dipping to about $3.50 or $3.40 in the next few days.

    Locally, the current average price for a gallon of regular gas in D.C. is $3.91, according to AAA. In Maryland the average is $3.70 and in Virginia the average is $3.60.

    And if you're wondering, the cheapest average gas prices in the country can be found in Arizona, where the average has dropped to $3.39.