With the Memorial Day weekend just days away, it looks like the gasoline price increase that often accompanies summer driving will not do so this year. The drop in gas prices is accelerating nationwide, and is dropping even more rapidly in some of the most expensive markets.
According to 24/7 Wall Street, the AAA Fuel Gauge put yesterday’s price for the average gallon of regular nationwide at $3.646. That is off from $3.663 a month ago, which was near the year’s high-water mark.
Reviewing the numbers, AAA experts remarked:
The national average price of gas likely is at or very near its peak for this spring, and AAA expects prices to remain less expensive than last year’s high of $3.79 per gallon. AAA predicts that gas prices should decline in advance of the summer driving season as the refinery maintenance season ends and gasoline production increases.
While gas prices remain closely married to oil prices, factors of refinery capacity and transportation costs often figure nearly as much. For example, the fact that Texas has more large refineries than any other state helps keeps gasoline prices there very low.
Article excerpted from rvbusiness.com.
