Gas prices expect to fall in Puget Sound region | GasBuddy
June 1, 2012 · 9:51 AM
After an impressive shift in situations impacting gasoline prices, GasBuddy is expecting to see falling prices at local pumps in coming days. Wholesale gasoline prices, the price that stations pay before taxes and other fees, has fallen nearly a dollar per gallon since its high roughly a week ago.
Several things can be attributed to this- a sudden successful restart of BP's Cherry Point, Wash. refinery early this week helped to alleviate concerns about tight supply almost immediately. Since then, oil prices have also taken a beating, dropping sharply today after another concerning jobs report.
All things considered, GasBuddy Petroleum Analyst Patrick DeHaan is a bit surprised with how quickly things have shifted, "A week ago, I don't think anyone saw this coming. We were talking about BP's unsuccessful attempts at restarting, the California Energy Commission highlighted ultra tight supply amid falling production, and wholesale prices in the Pacific Northwest hit all time record highs. Since then, a barrage of bad news for oil prices has led to good news for motorists. As things stand now, I expect the average price for gasoline to fall under $4 in western Washington and Oregon in the next few weeks. California will see limited relief as well, but the headline here is the areas where prices saw the biggest increases in the last few weeks- they can breathe a sigh of relief- the worst appears over," DeHaan said.
GasBuddy operates SeattleGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 20 million times to help motorists find gasoline prices in their area.