PORTLAND, MN – Wright Express (WEX) released its latest update on gasoline and diesel prices, noting that the average retail gasoline prices has dropped to $3.57 per gallon as of early June.
WEX said this is the lowest price since Feb. 21, and that it has been on a decline since it peaked on April 6 at a price of $3.94 per gallon. Currently, prices are more than 20 cents per gallon below what prices were a year ago, and WEX said analysts are predicting gas price declines will continue in the coming weeks.
WEX noted that retail gasoline prices typically drop 10% from their spring price peak but trend upward during the middle of summer due to supply disruption concerns caused by hurricanes.
As Automotive Fleet has reported previously, gas prices on the West Coast haven’t fallen like they have elsewhere in the U.S., with the average price remaining above $4 per gallon, according to WEX. That said, prices are falling, and WEX said analysts are predicting large price drops in Washington, Oregon, and California.
Diesel prices have fallen roughly 17 cents per gallon during the past 30 days, WEX stated. Lower diesel supplies than usual could cause the price to spike at the end of summer, according to analysts.
In general, WEX said prices aren’t likely to remain stable, as an economic collapse in the Eurozone could send prices falling further, but escalating tensions with Iran could push prices higher.
