Gas prices in Maine are down and may stay that way for the next week or so. The current statewide average of regular unleaded is $2.47 a gallon, 7 cents less than a week ago and a nickel less that this time last year.
“That’s something we haven’t seen in quite some time, year-ago levels that are actually higher than we are today,” says GasBuddy analyst Patrick DeHaan.
DeHaan says a decision by OPEC could put end to the downward trend.
“The market is largely expecting they will cut oil production to stem the 25 percent drop in the price of oil over the last two months,” he says.
DeHaan says Canada may also cut crude oil production by several hundred thousand barrels a day.
He says by Christmas and the New Year, there could be some minor increases in the retail price of gasoline.