But drivers shouldn’t get too excited. Aside from the fact that the drop from $ 5.02 per gallon to $ 4.98 saves only 80 cents on a 20-gallon replenishment, it is very likely that this is only a temporary withdrawal of gas prices.
With many schools up and running and the summer travel season in full swing, gas demand – and prices – are likely to rise again soon. The average gas price could approach $ 6 later this summer given current market fundamentals, said Tom Klose, global head of energy analysis for DESCRIPT, which monitors gas prices for AAA.
“Everything goes from June 20 to Labor Day,” Klose said recently about the demand for gas as people set off on their long-awaited escape. “Hell, or high gas prices, people are going on vacation.
And it’s not like $ 5 a gallon of gas is a rarity now.
Gas prices were falling much slower than they were before Tuesday’s record, confirming an old saying that gas prices are rising like a rocket and falling like a feather. In the two months before Tuesday’s record, the average price of AAA rose 58 times in 60 days, adding 94 cents to the national average. That’s a steady increase of almost 2 cents a day, compared to less than a penny a day as the price has fallen since Tuesday.
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