WASHINGTON, D.C. — As gasoline prices fall, several factors that led to the inflation of the cost of crude oil have disappeared. According to some oil analysts, if the trend continues, consumers can expect to see prices lower consistently. One analyst says they may soon drop to $2.25 a gallon.
The Midwest has experienced the most relief, where the average pump price is $2.60 a gallon. Optimistic analysts say increased drilling all over the world may result in gas as low as $1 a gallon in some parts of the country. High-priced crude oil is prompting the discovery of new oil supplies.
Hurricane anticipation and the slowing of oil production, due to violence and instability in Iraq, are the main causes of the most recent rise in oil costs. Most analysts are certain that until those situations are resolved, prices will remain unstable.