Gas prices expected to dip

As the holiday travel season fast-approaches, gas prices are expected to take a considerable dip, but you don’t need to rush to a gas station.

The consumer watchdog GasBuddy says a 7 percent single-day drop in crude oil prices this week could lead to a decline in gasoline prices of 5 to 15 cents per gallon ahead of Thanksgiving, with further drops yet to come.

GasBuddy said the crude oil drop extended the record streak to 12 days that oil has moved lower. Average national prices already dropped 24 cents per gallon in the last month and Tuesday’s drop will extend the decline, possibly for several more weeks, in nearly all states.

“Today’s market plunge was astounding and a dramatic turnaround in market psyche in the last month. A 26% drop in the price of oil is absolutely shocking given the environment and concern ahead of the Iran sanctions that the oil market was not supplied with enough oil,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “Motorists need not be in a hurry to fill their tanks. Today’s sell-off will extend and accelerate the declines seen at the pump, just in time for Thanksgiving. The best tip I can suggest is to shop around for the lowest prices as some stations will pass on the savings faster than others.”

You can learn more about the trend and current gas price trends here.