Gas prices fall again, remain higher than last year

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Gasoline prices in Tacoma have fallen 0.8 cents per gallon in the past week, averaging $3.54 per gallon, according to GasBuddy’s daily survey of 271 stations in Tacoma.

Including the change locally during the past week, prices were 63.3 cents per gallon higher than a year ago and are 18.8 cents per gallon higher than a month ago. The national average has dropped 6.6 cents per gallon during the last month and stands 35.6 cents per gallon higher than a year ago.

“From coast to coast, gas prices in nearly every state saw downward movement in the last week as sliding oil prices continued to keep the door open to falling gas prices. In fact, in the next 24 hours we’ll likely see the national average fall to its lowest point in over six months,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Saudi Arabia has indicated it is prepared to raise oil production, addressing what had been a major concern ahead of Iran sanctions taking effect. Oil prices have fallen over 10 percent in recent weeks, providing the bulk of the gas price relief we’re seeing, and will continue to see for the next week or two at least. While there is still some anxiety globally over a lack of spare oil capacity, the market has been laser focused on discussion from oil producers, including Russia, that they will act to raise production. OPEC meets in early December, and any official increase in oil production could go a long way to temper concerns of shortcomings in the market.”

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