By Blake Haas

BLOOMINGTON – Drivers at the pump have seen the lowest prices in 75 days, but a head of petroleum analysis with GasBuddy said those prices will drop when school gets back in session.

One thanks to the lower gas prices is due to Libya after experiencing disruptions in oil exports is now resuming those exports.

“Gas prices not only in central Illinois but really much of the country have dropped,” added Patrick DeHaan, Head of Petroleum Analysis with GasBuddy. “A lot of it is because the price of oil two weeks ago was $75 a barrel; now it’s down to $67.89. A lot of that is because first and foremost Libya who had been experiencing a disruption with oil exports and they have now resumed those exports. In the mean time U.S. productions has increased, and last week saw a pretty large increase on a weekly basis on U.S. oil inventory. There is some preliminary information that Saudi Arabia is increasing their oil production as well.”

With students about to fill the classrooms in a month, DeHaan added that as of right now prices will only increase until the school session begins.

“Since gas prices in Bloomington have largely caught up to any drop of oil that we have seen in the last couple of weeks, if oil goes up any little bit then stations are probably going to have to fairly pass those increases a long so I wouldn’t expect a lot of downward movement,” DeHaan said. “In fact, if it was me if I live in Bloomington I would go and fill my tank up tonight.”

DeHaan said on average gas prices usually drop as the school session begins.

“Usually gas prices fall with the conclusion of the summer driving season so I would say that we should see some relief starting probably mid Sept.,” added DeHaan. “Do look for some relief after the summer driving season, but again that is kind of par for the course. We generally see prices dip every fall.”

Blake Haas can be reached at [email protected].