It's getting cheaper for Americans to fill their tanks and heat their homes, but analysts warn that consumers are unlikely to show signs of an economic windfall.
The national average for a gallon of regular gasoline now runs $3.31, down 13 cents in a month and lower by 28 cents from the same time a year ago, according to Triple A's Fuel Gauge Report.
Traders expect prices at the pump to decline even further, for several reasons: There will be less demand for gasoline in the fourth quarter, and refineries will shift to a cheaper, winter blend. Also, the price of underlying commodities like crude oil and Rbob gasoline are likely to move lower. West Texas Intermediate closed at $97.85 on Friday, off 11.5 percent from its 52-week high, and Rbob gas finished at $2.59, off 22 percent from its high this year.
Anthony Grisanti, president of GRZ Energy, thinks prices at the pump could go as low as $3.10. That would be a 17 percent decrease from their February high of $3.74.
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"I see $3.10 at the pump by year end," said Grisanti. "I see price declines in Rbob gasoline to around $2.40 to $2.50. The average amount for taxes and fees is 50 to 60 cents. That's how I get to $3.10."