US: fuel prices could hit record low this year image

Auto sales have been boosted this year by rising consumer confidence, which in its part has been partially triggered by the steady decline of fuel prices across the nation.

Now, some fuel industry analysts project the sliding trend of fuel prices accounted this year could continue, expecting a massive drop before the year’s end. Actually, if predictions are accurate, tracking service GasBuddy.com thinks US drivers could be saving $2.5 billion from the gas bills.

Analyst Trilby Lundberg showed a survey that saw gas prices lower by 9 cents during the last two weeks, while overall the drop was no less than 34 cents since the summer’s start. GasBuddy supports the findings, forecasting the prices could dive even deeper, by 20 cents – bringing the pump prices to a level that Americans last saw back in 2010.

“There just aren’t a lot of factors that will take crude higher right now. The market is well-supplied and geopolitical issues don’t appear to be too threatening,” Anthony Grisanti, president of GRZ Energy, told CNBC during an interview.

According to GasBuddy, the national average price per gallon is now down to $3.37 for regular unleaded gas. Mississippi holds the record for the lowest price – at $3.069 per gallon and the extreme sees Hawaiians paying $4.241. Oregon was the “honorable” record holder among the 48 contiguous states – at $3.752.