Gas price trends to ease in Q3 as US and European markets open
Prices for crude oil, gasoline and other fuels are expected to ease this week as European markets begin opening on Monday and Americans continue to have some time to adjust to a cold winter.
The Federal Reserve expects prices to drop 2 cents to 2.1 cents per gallon (p.m.
ET) on Friday and the average price for gasoline to drop by 1.5 cents to $2.08 per gallon, according to data compiled by Bloomberg from 14 sources.
The average price of gasoline for a gallon of regular gasoline was $2,077 in the week ended Feb. 10.
Gasoline prices are expected in New York City, London and Paris on Monday.
Oil prices are also expected to be about 1.2 cents higher on Monday in the Chicago area and 1.1 cent higher in Los Angeles, the report said.
Oil futures were up 0.5 percent at $50.60 a barrel in New Delhi, the highest since Nov. 27, when oil prices dropped to $49.70.
Gas stations are also selling cheaper gasoline and diesel at about half their price on Monday, according.
The United States and Europe were hit hardest by the cold weather and disruptions in the financial markets, and the European Central Bank’s (ECB) first interest rate hike this year has made gasoline prices in Europe even more competitive.
In New York, for example, gas stations are selling gasoline for $2 a gallon, about half the price that they were selling it for a week ago, according