Gas prices dip to $1.88 average in Maine

Posted Feb. 01, 2016, at 9:35 a.m.

PORTLAND, Maine — Regular gasoline sold for an average of $1.88 per gallon in Maine this week, down another three cents from one week ago.

The dip brings the average price to the lowest point in more than seven years and about 20 cents lower than one year ago, according to the price tracking site GasBuddy.com.

Patrick DeHaan, a senior analyst at GasBuddy, said gasoline prices may continue to drift lower for a few weeks, but rebounding crude oil prices signal pump prices will start to climb in the coming weeks.

The price for crude oil is the primary factor affecting what consumers pay at the pump for gasoline, and benchmark crude prices have rebounded to more than $30 per barrel.

“For now, due to a lag time from rising oil prices, gasoline prices in many areas may continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher,” DeHaan said in a news release. “Refiners have already begun some winter maintenance, and while supply of winter gasoline is abnormally high, once that inventory is liquidated, I fully expect gasoline prices to march higher.”

The price dip in Maine follows a national decrease of more than two cents, down to an average of $1.80 per gallon.

Maine’s statewide average was higher than New Hampshire’s ($1.80 per gallon) and lower than Vermont’s ($1.97 per gallon).

On Monday, $1.70 per gallon was the lowest price recorded in the state, and $2.29 was the highest reported.

 

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