Gas prices have fallen below $3 a gallon at 43,000 U.S. gas stations, according to GasBuddy.com, or one-third of the stations it tracks. In Owensboro, prices are reported as low as $2.82 a gallon.
And prices at the pump, already the lowest in four years, should continue to fall, said Tom Kloza, GasBuddy’s chief oil analyst. On Tuesday, he cut his forecast for the national average price this fall to between $2.95 and $3.10, from his previous call of $3.10 to $3.25.
Prices, said motor clubs group AAA spokesman Michael Greene, are in “freefall.” Prices on average have tumbled 15 cents a gallon so far this month and are down about 50 cents a gallon from the recent peak on June 28.
The cheapest gas in the country, according to GasBuddy, is in Columbia, Mo., where the average price on Tuesday was $2.807 per gallon.
While gas prices usually drop in the autumn, this year’s decline is being accelerated by fears of a price war between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers, GasBuddy’s Kloza said.
Oil prices have been falling since June amid concerns over sluggish demand in a weak global economy. On Tuesday, the International Energy Agency cut its 2014 oil demand growth forecast to its weakest in five years at the same time that output has been rising.
To find prices in Owensboro, click here: http://www.kentuckygasprices.com/Owensboro/index.aspx