Gas prices should drop a bit more through mid-December

By Nick Kovatch on November 9 at 7:45am

gas

Gas prices should stay steady or even drop a bit through next month.

That’s the word from GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“It’s likely that prices will continue to drift downward,” says DeHaan. “Although, the best of the decreases may be behind us. Prices will eventually come to rest at a bottom at some point in late November or mid December. Then prices may start inching up as we approach the new year. It’s possible and likely prices do drift slightly lower. Don’t expect to get a whole lot better.”

The low price for a gallon of gasoline in Jacksonville this morning is $3.05. Earlier this month it was as low as $2.94.

Last year at this time, Jacksonville residents were paying 10 to 30 cents more for a gallon of unleaded. DeHaan says there are several factors playing a role in lower prices.

“We’ve seen a below average amount of hurricanes this year,” says DeHaan. “That has limited the production impact on refinery’s oil production and oil wells. Supply is slightly higher. Geopolitical tensions have also cooled. And domestic oil production is much higher than it was last year.”

The average price for a gallon of gas today in Illinois is $3.25. That’s the 19th highest in the country. The lowest price in the nation is across the river in Missouri at $2.85.

The national average is $3.21. That’s down from $3.35 a month ago and $3.46 a year ago.