Global oil prices are plunging. Are they putting a dent in Whatcom’s gas prices?
With global oil prices plunging, Whatcom County residents are seeing a drop in prices at local gas stations, too.
The average price for a gallon of gas in Whatcom County was $3.30 on Friday. That’s 33 cents cheaper than a month ago, according to AAA Washington’s website. In the past week, the price dropped 10 cents for the average gallon.
Even with the drop, Whatcom County’s gas prices are still 28 cents higher than a year ago and well above the national average, according to the data.
A recent study by GasBuddy noted that prices across the U.S. on Thanksgiving were the highest in four years, despite the recent drop. The average national price on Thanksgiving was $2.57 a gallon, according to GasBuddy.
The recent drop happened before Friday’s slide in oil prices. According to the Associated Press, crude oil prices dropped 6.1 percent to $51.30 a barrel, the lowest in more than a year.
Dan McTeague, a senior petroleum analyst for GasBuddy, said in a phone interview that he expects gas prices to keep dropping, but it may not be as significant in the Pacific Northwest compared to other parts of the U.S. That’s because retail prices at gas stations are not that much higher than wholesale prices right now.
Still, the latest drop in oil prices should start showing up at local gas stations the next few days.
“The longer you can wait (before filling up), the better you’ll be,” McTeague said.
According to the AP, experts say increasing pressure by the U.S. on OPEC to not cut production, potentially creating too much supply, is driving the oil price drop.
McTeague said at this point there is a glut, but it’s not a major one. He expects OPEC to cut production at its upcoming meeting on Dec. 6.