Gas prices in the Midlands continue their decline as oil prices drop across the nation, and experts predict the cost of fuel will keep going down.
COLUMBIA (WACH) -- Gas prices in the Midlands continue their decline as oil prices drop across the nation, and experts predict the cost of fuel will keep going down.
Average prices have dropped by 6.5 cents since last week in Columbia, according to ColumbiaGasPrices.com. That puts the current average at $3.38 per gallon.
But experts don't think the drop in prices will continue too much further.
"After watching oil decline dramatically two weeks ago, prices rebounded some $12/bbl last week, which may severely limit relief at the gas pump," says Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. "The smallest sliver of hope in the economy seems to make some market players forget the bigger issues this country faces. Last week, this situation led to buying spree in oil prices, something that I just don't see lasting," DeHaan adds.
Gas prices in Columbia are 89.7 cents per gallon higher than the same day one year ago and are 8.3 cents per gallon lower than a month ago.
Meanwhile, the national average has decreased 6.7 cents per gallon during the last month and stands 85.4 cents per gallon higher than this day one year ago.
For the latest gas prices in your area, check out our Pain at the Pump page.
Do you think you'll see gas prices drop the same percentage as crude oil prices?
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