Consumers

Low gas prices settle in for the season

Average retail gasoline prices in the area have fallen just over a penny per gallon in the past week, according to GasBuddy.com.

On Monday, Tacoma’s average price was $2.42, close to the state average of $2.41. The low price leader in the Olympia area was two Arco stations on Martin Way East at $2.15 a gallon, according to Washingtongasprices.com. In Tacoma, the low-price leader was the Costco station at 37th and Steele sreets and several Arco stations, all at $2.09, according to Tacomagasprices.com.

GasBuddy.com, in its weekly Monday news release, said prices on Sunday were 41.5 cents per gallon lower than the same day one year ago and are 10.8 cents per gallon lower than a month ago.

“We are going to end this year with the lowest gas prices since 2008, and people want to know can it get even lower? Yes, it can,” wrote Jeff Pelton, senior petroleum analyst for GasBuddy, in the news release. “There is simply too much crude oil out there for gas prices not to decline. The national price decline has stalled and recently nudged up a hair based on localized spikes in the Great Lakes region. But, the good news is this too shall pass. Expect refineries to do their part to get through the glut of crude on hand and that will put pressure on gas prices to fall the next month or so.”

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