US drivers got a slight — very slight — break on prices this weekend as the AAA average for a gallon of unleaded gas fell below the $5 mark.
gas price had been $5 or above
for the previous seven days, the first time on record prices crossed that mark. It hit a high of $5.02 a gallon on Tuesday and has declined by a fraction of a penny each day since then. But drivers shouldn’t get too excited. Beyond the fact that the drop from $5.02 a gallon to $4.98 saves only 80 cents on a 20 gallon fill-up, it’s very likely this is only a temporary retreat in gas prices.
With many schools about to let out and the summer travel season about to get into full swing, demand for gas — and prices — are likely to start climbing again soon. The average price of gas could approach $6 later this summer given current market fundamentals, said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA.
“Anything goes from June 20 to Labor Day,” Kloza said recently about the demand for gas as people hit the road for long-anticipated getaways. “Come hell or high gas prices, people are going to take vacations.”Nearly a third of the 130,000 gas stations in AAA’s survey are selling regular gas for more than $5, according to data from OPIS.
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National average price of gas dips just under $5, analyst reportsAnalyst Patrick De Haan tweeted the national average stood at $4.999 per gallon, adding that consumers are poised to see a weekly decline for the first time in nine weeks.
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