Why Gas Prices Could Go Down As Much as 30 Cents


PHILADELPHIA, Miss.–Mississippi’s gas average has dropped to $3.03 per gallon. Gasbuddy says that’s almost 30 cents cheaper than the national average of $3.41.

You could see it go down as much as 30 cents per gallon because oil prices have fallen about $10 to $75 per barrel, in the past week.

“With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists will start to see gas prices decline nationwide, just in time for Thanksgiving, and the decline could stretch for several weeks,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“It’s not impossible- so long as oil prices hold near these levels or continue falling- that the national average could shed 15 to 30 cents per gallon over the coming weeks,” he said.

He said that the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves.

“If that doesn’t happen, oil could again rally. However, with Covid cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks.”

In Carthage several stations have it right at the average. In Philadelphia, the majority of stations reporting in have it for $3.09 to $3.13. It was the same story in Kosciusko.