Here’s the good news for US summer motorists: there appears to be an imminent dip in prices from now till Memorial Day, according to industry experts.
And the trend should continue through the summer months.
Analysts said rising supplies and concerns about the global economy have helped wholesale prices of gas drop by 25 cents a gallon since early May. The decline in prices is starting to filter down to motorists.
By summer, the nationwide average could head south below last summer’s peak of USD$2.70 for a gallon of regular. Compare that to two years ago, in 2008, the average price for one gallon hit a high of $4.10, according to WESH.com in Orlando.
Officials at AAA also say the price of oil and a gallon of gas are both coming down and at a steady rate.
Ed Welsh of AAA says three factors are contributing to lower gas prices: the value of European currency is diminishing, the US dollar is strengthening and the supply is up and the demand for gas is down in the US.
Welsh says all of that is a formula for lower prices at the pump by memorial day.
By David Wilkening
