(FixThisNation.com) – AAA in a recent report noted that gas prices have decreased and that consumers would be unlikely to see $4 gas this summer. According to the latest national average cost for a gallon of gas report, the price has dropped five cents since last week to $3.68.
Demand for gas has also increased significantly to 9.51 million barrels a day from 8.52 million last week. Domestic gasoline stocks have also decreased by 2.4 million barrels of crude oil to 221.1 million according to the latest information from the Energy Information Administration (EIA).
AAA spokesperson Andrew Gross pointed out that the price of oil is slowly dipping to the upper $70s per barrel.” He continued to say that if this trend continues then “drivers may see falling gas prices.” However, fluctuations in the price of oil could affect gas prices in the summer.
Currently, it is likely that U.S. gas prices have reached their summer peak which could potentially be good news for U.S. drivers planning on a road trip on Memorial Day. Patrick De Haan, GasBuddy head of petroleum analysis, stated that the “bigger news may be that we may have seen a short-term peak for the price of gasoline,” but that there is a possibility that unexpected outages will push the prices up again. He added that a busy hurricane season could also have a greater impact on prices if production is interrupted later in the summer.
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