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September 20, 2013

Gas prices expected to drop


Halloween may not be accompanied by scares at the gas pump this year. is projecting a substantial drop in  the price per gallon between now and the fall holiday. 

“While past performance is never an absolute indicator of future price positions,  a review of recent history gives us good reason to expect prices to fall between now and Halloween, by between 20-to-25 cents per gallon,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.

Although a massive price drop took place during this time in 2008, DeHann said he doesn't expect the savings to be as substantial. 

“When we looked at prices from Sept. 19 through Oct. 31 - for a five-year period - it became clear that the numbers were skewed because of the extraordinary plunge gas prices took in 2008 when they moved from the record peak, $4.12 (per gallon) in July, to the record low $1.61 (per gallon) by year’s end," he said.  "In 2008 the price from Sept. 19 to Oct. 31 plummeted by $1.28 per gallon. We’re expecting a much tamer decrease this year."

The past five years has seen an average 28 cents per gallon drop, but DeHann said he expects a 23 cents per gallon drop this year, which is closer to the 10-year average. 

“Retail gas prices during this period actually increased in four of the past 10 years, but barring a hurricane or sudden turbulence in the Middle East, we’re confident that most metro markets across the U.S. will see their prices fall in this 20-to-25 cent range,” said Gregg Laskoski, GasBuddy senior petroleum analyst. 

Prices in Chickasha are presently averaging close to $3.30 per gallon.

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