Gas prices take a tumble over the weekend - WREX.com – Rockford’s News Leader

Gas prices take a tumble over the weekend

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ROCKFORD (WREX) -

If you spent the weekend on the road or out shopping you got a nice surprise at the gas pump.

Gas prices in the Rockford area fell nearly 6 cents a gallon last week, surpassing that national average by more than two cents.  According to GasBuddy, an average gallon of unleaded gas is down to $2.46 in the Rockford area, which now equals the national average.

Despite the drop, prices in the area are actually 34 cents higher in Rockford than they were at this time last year.  But prices are trending in the right direction for consumers, dropping 24 cents over the last month.

So what does the future of gas prices look like?

"With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC's extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017's yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it's likely that prices may again rise approaching the New Year as oil prices continue to show strength."

So if you plan on traveling over the next few weeks, keep an eye on prices and do your best to fill up when prices are at their lowest levels.

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