It’s an exciting time to be driving, especially if you’re planning a summer road trip. And while gas prices historically rise in the summer, that’s not the case this year.
The price of oil has fallen since January because new technology has allowed the U.S. to produce an excess of oil, pushing the cost of production down.
Americans are also driving fewer miles, and as people shop more online, they are taking fewer trips to the store. These factors are combining to keep demand low, and, in turn, lowering prices – a trend that should continue for the foreseeable future.
– David Ide, USAmeriBank