North Dakota motorists can expect gasoline prices to fall as oil prices and seasonal demand for gasoline wane.
Today’s national and state averages for a gallon of regular gasoline is $2.21.
The national average is down 4 cents from one month ago. The North Dakota average is down 7 cents, with about 20 percent of gas stations selling gas for under $2 a gallon.
While the averages are down, the price of a barrel of crude oil has retreated even further. In the past month, oil is down about $7. A $1 drop in crude equates to about a 2.4 cent drop in the price of gasoline.
Without a jump in the price of oil, the lower price will ultimately be reflected in what consumers pay at the pump.
Oil prices tumbled to a six-week low last week due to an unexpected record-high build in domestic crude oil inventories.
Also impacting crude oil prices are lowering expectations that OPEC will agree on a production freeze in effort to reduce global oversupply. OPEC has until a scheduled Nov. 30 meeting to develop a framework to curb further declines in the price of oil.