Las Vegas average gas price below $5 for first time in 142 days
For the first time since March 15, the average price for regular unleaded gas in Las Vegas dipped below $5 a gallon.
Thursday saw a $4.99 per gallon average in the Las Vegas metropolitan area, marking the end of a 142-day stretch in which retail prices sat above the $5 mark, according to AAA data tracked by the Review-Journal.
Gasoline prices have steadily decreased after a ramping-up period that culminated in the Las Vegas Valley hitting a record average of $5.61 per gallon (July 15-17).
The average price is down 44 cents per gallon over the past month and 6 cents in the last week.
Patrick DeHaan, lead oil analyst for GasBuddy, said demand for oil continues to dip, and with the summer travel season coming to an end, that should further decrease.
He also sees a continued downward trend for prices in Southern Nevada, barring any unforeseen issues.
“I think Las Vegas could see prices drop another 50 cents/gal over the weeks ahead so long as there aren’t disruptions like refinery outages, hurricanes or large economic shifts or geopolitical tensions,” DeHaan said in an email Thursday. “We’ve avoided such thus far, so I’m hopeful maybe we can a bit longer.”
AAA’s near-term gas price outlook wasn’t as rosy as DeHaan’s, as it noted lower gas prices now could lead to motorists adjusting their driving habits back to normal, after altering their daily commutes because of the recent record gas prices.
“A slight uptick in gas demand as more people fuel up could end the steady drop in daily pump prices,” AAA spokesman Aldo Vazquez said in an email. “We know that most Americans have made significant changes in their driving habits to cope with high gas prices, but with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on Twitter.
