Gas is dirt cheap at the pump right now (at least comparatively speaking) and could get even cheaper by year’s end, according to price watchers.
Tuesday, global crude oil prices plunged to their lower level in 27 months, closing at $95 per barrel, a more than $20 drop since June, according to GasBuddy.com, which tracks gasoline prices, helped along by lower demand and a drop in the price of corn for making ethanol.
Gasoline prices average $3.47 per gallon averaged in Illinois on Wednesday afternoon. That’s still more expensive than the national average at $3.33 per gallon nationwide.
The site’s analysts say even cheaper prices could be on the horizon after the more than 1 million barrels per day of refinery capacity that sits idle for the first half of October for maintenance comes back online in November and December.
Nationwide, the site said it expects gasoline prices to fall to between $3.10 and $3.20 per gallon by the end of the year.