US Gas Prices Down thanks to Wholesale Price Cuts by Refiners

gas prices falling

BUSINESS NEWS- Paul Gordon Collier- US gas prices are falling despite the tumult in the Middle East. While Libya has exploded in recent days and the Israel-Gaza conflict continues to drag on, other factors are creating lower gas prices for the US.

The price of gas has fallen by an average of 9 cents per gallon in the last two weeks thanks mostly to cuts in price by wholesale refiners, according to the Lundberg Survey, which was released Sunday.

The report offered this explanation:  “There is an abundance of gasoline, inventories are high, and refiners are cutting to chase those summer sales.  We can expect gas prices to keep migrating down, though maybe not to this extent.”

The price of gas this year is 10 cents lower per gallon than last year.  The drop in price is the first such significant move in gas price in 12 months.