Tuesday, May 7, 2013

Gas Prices Higher During Spring & Summer

Gas prices usually head higher during the spring and summer but not this year. The American Automobile Association’s new forecast says drivers are likely to pay less this summer, with prices dropping to below $3.40 a gallon in most states by July, down from today’s average of $3.55. As long as there aren’t what AAA calls “refinery problems or significant international news events,” the trend of lower prices is likely to continue. Ample refinery production and weak demand are reasons for the expected price drop. April gas prices are at their lowest since 2010. West Texas crude is close to $93 a barrel on oil futures markets. The decline in gas costs could lead to a busier summer driving season.

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