Gasoline prices had been rising steadily for 4 months, pushing prices at the pump above $4 per gallon in early April. With Memorial Day fast approaching, drivers have been fearing that prices might hit record highs this spring.
But experts are now reporting that gas prices are likely to start falling in the coming weeks due to the dip in oil prices. Prices at the pump have dropped 6 cents over two weeks to a national average on Friday of $3.88, according to CBS.
Gasoline futures of the NYMEX market fell nearly 20 cents a gallon in the two weeks ending Friday, says Richard Davies of ABC. Wholesale prices are down more than 25 cents since they peaked in late March.
It usually takes weeks for lower futures prices to show up at gas stations, but experts say gasoline could fall another nickel or more by next week.
Gasoline prices are lower than they were a year ago in 11 states, according to the Oil Price Information Service. At $3.88, the national average is still high, but it’s down from a peak of $3.94.
The Salt Lake Tribune reports that a “10-cent drop in gasoline prices would mean drivers would have an extra $37 million per day to spend on other things.”
What would you spend it on?