QC Gas Prices Could Plummet To Under $2 By This Fall
After dealing with endless river flooding and swarms of bugs, the Quad Cities could certainly use some good news this summer.
Luckily, gas prices are plummeting in the area, according to KWWL in Waterloo. QC prices have dropped by almost 9 cents in the last week, from $2.67 a gallon for regular gas to $2.58. Gas prices all over Iowa are down overall, with the cheapest gas in Iowa going for $2.16 a gallon.
The cheap prices are only going to continue, reports WTVO in Rockford.
The head of energy analysis for the Oil Price Information Service says every part of the country will see drastic drops in the next couple of weeks and we'll most likely be paying less than $2.50 this summer.
By the end of the summer (aka the busiest driving season of the year), prices could average $2.25 nationally, meaning half of the country will be able to buy regular unleaded gas for less than $2 a gallon.
So what's behind the huge price decrease?
"Most of the decline is because of falling oil prices, in part thanks to booming US oil production. That has made up for cuts in production by OPEC nations designed to support prices. Oil prices have also fallen in part because of weaker-than-expected demand for gasoline in international markets, particularly China, where slowing economic activity has cut into auto sales."