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Local fuel prices staying low amid high inventories

Average retail gasoline prices in Tacoma have fallen 1.4 cents per gallon in the past week, according to GasBuddy.com. Monday in Tacoma, the average price for a gallon of unleaded regular gas was $2.42, with the lowest price of $2.09 a gallon available at Costco on 37th and Steele streets and several Arco locations, according to tacomagasprices.com. In Olympia, the lowest price for fuel as $2.15 a gallon at two Arco stations, followed by $2.16 at the APP station on Fones Road Southeast.

Including the change in gas prices in Tacoma during the past week, prices on Sunday were 54.3 cents per gallon lower than the same day one year ago and are 7.6 cents per gallon lower than a month ago, according to GasBuddy’s Monday news release. “As for the outcome of OPEC's meeting late last week: OPEC is going to wait for production to resume from Iran before looking at oil production quotas again next year,” wrote Patrick DeHaan, GasBuddy senior petroleum analyst. “While we wait and see what that next meeting might bring, high oil production will likely continue to boost already record high oil inventories, keeping gasoline prices somewhat subdued. The national average has once again resumed falling after Turkey's downing of a Russian fighter jet caused a brief hiatus, but with prices moving lower, a $1.99 national average gasoline price could be something we witness this week.”

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