Bringing The World Home To You

© 2024 WUNC North Carolina Public Radio
120 Friday Center Dr
Chapel Hill, NC 27517
919.445.9150 | 800.962.9862
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Trend Of Falling Gas Prices Expected To Continue


In this country yesterday, the nationwide average price for a gallon of regular gas was just below $2.20; that's according to AAA. Some people have been paying less than $2. NPR's John Ydstie reports the falling prices are likely to continue.

JOHN YDSTIE, BYLINE: Crude oil took another big slide yesterday. The price of U.S. crude fell below $50 a barrel. And with a bit of a lag, the price of gasoline will follow, says Dan Katzenberg.

DAN KATZENBERG: Gasoline prices are a bit stickier, certainly at the pump where it takes a little bit of a time to be reflected in the gas price, but it will follow ultimately.

YDSTIE: Katzenberg, who's a senior energy analyst at Robert W. Baird and Company, says he expects crude oil to fall another 10 percent, to the mid-$40-a-barrel range, during the first quarter and not recover until later in the year. That would push gasoline prices lower, too, and help consumers and the economy.

KATZENBERG: It's effectively a big tax break for U.S. consumers, and really for the globe.

YDSTIE: For U.S. consumers, every one-cent decline in the price of gasoline sustained over a year means an extra billion dollars saved. AAA figures the price decline in 2014 meant Americans spent $14 billion less filling their tanks than in 2013. That's a savings of more than $115 per household. The savings are likely to be even greater this year. John Ydstie, NPR News, Washington. Transcript provided by NPR, Copyright NPR.

John Ydstie has covered the economy, Wall Street, and the Federal Reserve at NPR for nearly three decades. Over the years, NPR has also employed Ydstie's reporting skills to cover major stories like the aftermath of Sept. 11, Hurricane Katrina, the Jack Abramoff lobbying scandal, and the implementation of the Affordable Care Act. He was a lead reporter in NPR's coverage of the global financial crisis and the Great Recession, as well as the network's coverage of President Trump's economic policies. Ydstie has also been a guest host on the NPR news programs Morning Edition, All Things Considered, and Weekend Edition. Ydstie stepped back from full-time reporting in late 2018, but plans to continue to contribute to NPR through part-time assignments and work on special projects.
More Stories