Good news for motorists in the Rockies and West Coast: a dramatic drop in gasoline prices is coming! GasBuddy expects that a dramatic wholesale slide will soon translate into much cheaper fuel prices in California, Oregon, Washington, Idaho, Montana, Wyoming and Nevada with some aggressive retailers likely to post $3 gal or lower pump prices. Already, some stations in Colorado, New Mexico, Utah and Arizona are under $3/gallon.
The latest drop comes as global crude prices flirt with prices that are $25 barrel below spring highs. Additional factors include slumping gasoline demand, a return to cheaper winter blends of gasoline, and booming U.S. oil production.