Gas prices dropping but not below $3: AAA

Drivers are getting conflicting information about the prices they pay at the pump. Patrick De Haan, the head of petroleum analysis with Gas Buddy, told Yahoo Finance’s Morning Brief that he believes gas prices will be dropping to below $3/gallon as a national average. He says the International Energy Association reported a surplus of oil while OPEC slashed its demand forecast for 2024 and 2025.

Molly Hart, spokesperson for AAA, the Auto Club group, spoke with Our Quad Cities News via Zoom to talk about what’s happening with gas prices and what causes them to change.

“There are several things that cause the gas price to fluctuate,” Hart said. “Number one, the price goes up in the summer because people are taking their summer vacations. In the fall, it goes down a little bit, and then again in the winter, because not as many people are driving. And then it goes up again in the spring. Right now, gas prices are pretty stable here in Illinois, and we don’t see that dramatic of a drop in prices right now. The gas price today here in Illinois is $3.46 yesterday it was $3.48 so we did drop two cents, but going below three, we’re not sure about that.” Gas cost $3.61 per gallon this time last year, she said.

Gas prices can change due to a variety of factors, Hart said. “Right now, what’s most topical is the hurricanes. With that being said, there could be refinery outages, and while we don’t have those here in Illinois, it can have a trickle-down effect. Another thing that can make the gas prices fluctuate, is what’s happening overseas, whether it’s a war or the political tensions, like right now between Israel and Iran. We’re also changing over to the winter blend of gasoline, and it’s less expensive to make, so that can make the gas price go down a bit. (Click here to learn the differences between summer blend and winter blend.) But then we’re going to travel season. We could see it increase, but right here in Illinois, the gas price is $3.46 today, and we don’t see a dramatic dip going under $3, things are pretty stable.”

Hart said it’s impossible to know for sure what gas prices will do in the future. “I always wish I had the crystal ball to tell you what gas prices can look in a month or in a year, or even in six months. So many things play a part of what we pay at the pump. You know, we could get a huge winter storm year, and it could knock out a refinery or make it partially shut down. That would make the gas prices go up. But again, we’re going into the fall, winter season, when not as many people are driving and the gas prices could go down. It’s all about the supply and demand.”

For the latest news, weather, sports, and streaming video, head to WHBF - OurQuadCities.com.