PHILADELPHIA, Miss.–You may be paying a little less for gas in central Mississippi this week. The state average has already dropped to $3.06 per gallon.
“Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn’t enough to provide much relief last week, we should see small declines this week, thanks to the corresponding drop in wholesale gasoline prices,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan explained that the Organization of Petroleum Exporting Countries, or OPEC, met last week and decided that they would increase oil production by about 400,000 barrels, which was expected. They declined to go any further.
National average could shed 10-15c/gal over the next couple weeks so long as oil doesn't do an about-face… so that'd be a decline to $3.25/gal or so with more $2.99s popping up again in areas of OK, TX, AL, MS, AR, SC
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) November 4, 2021
So, although they are increasing production, it’s no more than expected and that increase is slight in the grand scheme, and it doesn’t mean a huge drop in prices.
But, that drop below $80 per barrel for oil, although brief, will mean you’ll get a little bit of relief.
That means gas prices go a little lower, for a little bit of relief. It’s under three bucks now at at least one station in Philadelphia, although most of the stations reporting in have it at $3.09. It may take a little while for the lower prices to trickle down to central Mississippi. At least one station in Kosciusko has it for $3.09 and it’s $3.09 on the interstate at Pickens.