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Gas prices expected to drop 50 cents by summer

posted 5/8/2011 12:28:43 PM |
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Gas prices expected to drop 50 cents by summer
By CHRIS KAHN AP Energy Writer The Associated Press
Saturday, May 7, 2011 5:03 PM EDT
Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.

After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.

It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.

Typically, gas prices peak each spring, then fall into a summertime swoon that can last several weeks. This year's decline should be gradual but steady, said Fred Rozell, the retail pricing director at the Oil Price Information Service.

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May 8 @ 12:41PM  
No matter what, the working class will take it in the end.

May 8 @ 12:49PM  
The nozzle going in or the gas coming out ???

May 8 @ 12:53PM  
We have dropped by about a dime in the last week to about $3.79. It jumps about ten to 15 percent in a spurt of a month to six weeks, only to fall back about five to ten percent in a spurt of a month to six weeks later. Yes this is a rerun reference that Som turned us on to but check out Gas Buddy to monitor the prices in your area or where ever you are traveling.

May 8 @ 1:22PM  
I didn't hear where, Libya, Syria, but on the news yesterday they said an armored force had occupied an oil production installation in the M.E. so that should provide plenty of excuse NOT to drop oil prices.

May 8 @ 1:40PM  
That would be Libya, but they are not a major oil supplier, especially to the US. Syria is zilch on oil.

May 8 @ 5:56PM  
Yeah..shoots up 91 cents, then drops 50 cents. I'd like to see it drop back down to under $2 a gallon! Yeah yeah, I know, isn't going to happen.

May 8 @ 6:22PM  
When the price of crude oil rises, the price at the pump rises instantly. When the price of crude oil falls, the price at the pump drops about as slowly as molasses runs up hill in Maine in January.

May 9 @ 12:25AM  
Fox News reported this 5 days ago and it's just conjecture you old fool.

May 9 @ 8:54AM  

As I never watch Faux News bullshit,I wouldn't know that.. research says it was announced on May 7th which is when I posted it
Besides life is conjecture young stupid fool COCKFAIL DUH

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Gas prices expected to drop 50 cents by summer