People traveling this week for the holidays will see sizeable savings in fuel costs. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says prices are much lower than recent past years.
“Prices are at their lowest level since the holiday season of 2008. Of course that is when we were hit hard by the recession. Prices in Indiana declined to about $2.28 a gallon today, far lower than a year ago when prices averaged $3.16. We are talking about an $0.88 drop this year versus a year ago, certainly nothing to scoff at,” said DeHaan.
DeHaan says the reason for the decline in prices is from the rise in U.S. domestic oil production. That has lead the Middle East to cut prices voluntarily to regain lost market shares. DeHann says the huge decline in fuel prices has many people deciding to travel on the roads instead of flying this holiday season.
